USD/CAD retreats amid risk appetite, Canadian jobs data

The USD/CAD pair dropped after hitting the 1.3800 weekly high last week, falling by almost 2.50%. At the time of writing, the USDCAD is trading at 1.3505, down by 0.22%.

The US jobs data was mixed, though a higher unemployment rate could push the brakes of the aggressive Fed’s rate hiking wheels.

The Canadian employment data crushed estimates while adding to inflationary pressures due to wages reaching the 5.55% threshold. The USD/CAD pair also extends its losses to two-consecutive days, testing the 50-day Exponential Moving Average (EMA) amid prevalent positive market sentiment, as the United States mid-term elections and the US Consumer Price Index (CPI) are awaited.