USD/CAD jumps to 1.3075 after employment releases

The USD/CAD pair surged to 1.3070 immediately after the release of divering US and Canadian monthly employment details.

According to the data released, just a while ago, US economy added 287k new jobs during the month of June but the unemployment rate ticked a bit higher to 4.9% . Averaged hourly wages recorded a meager growth of 0.1% on a monthly basis. The data surpassed even the most optimistic expectation. 

Meanwhile, employment details from Canada showed the number of employed people during June declined by 700 while the unemployment rate dropped to 6.8%

The pair immediately jumped after the release and now seems to have confirmed a bullish break-out above 100-day SMA strong resistance, opening room for continuation of the near-term upward trajectory.

Technical levels to watch

Immediate resistance on the upside is pegged near 1.3090-95 region, which if conquered set the stage for continuation of the pair's near-term upward trajectory. On the downside, sustained weakness below 50-day SMA support near 1.2940 opens room for an immediate slide to 1.2845-40 horizontal support, below which the pair could be headed towards an important support near 1.2800 round figure mark.