Canada’s job market disappointed with a loss of jobs, says Forex Crunch in an interview with TheLFB trade team.
The Canadian dollar weakens but holds to gains – USD/CAD doesn’t lose an important resistance line. At least not yet. The Non-Farm Payrolls can take it anywhere.
Canadian Employment Change showed a loss of 2,600 jobs. This small job loss isn’t devastating, but it falls short of expectations – a rise of about 20,000 jobs. The Canadian Unemployment Rate met expectations and remained unchanged at 8.5%.
USD/CAD reacted with a leap from 1.0310 to 1.0370. This instant 60 pip jump is the result of disappointment, but it’s important to note that the important resistance line of 1.04 was not broken.
USD/CAD, as all the forex pairs, are awaiting the upcoming American Non-Farm Payrolls which are currently expected to drop by 3,000 jobs, but could also see gains.
At the beginning of the week, USD/CAD confirmed the break under 1.04. Although the move wasn’t strong, this was a very important support line.
The Canadian dollar weakens but holds to gains – USD/CAD doesn’t lose an important resistance line. At least not yet. The Non-Farm Payrolls can take it anywhere.
Canadian Employment Change showed a loss of 2,600 jobs. This small job loss isn’t devastating, but it falls short of expectations – a rise of about 20,000 jobs. The Canadian Unemployment Rate met expectations and remained unchanged at 8.5%.
USD/CAD reacted with a leap from 1.0310 to 1.0370. This instant 60 pip jump is the result of disappointment, but it’s important to note that the important resistance line of 1.04 was not broken.
USD/CAD, as all the forex pairs, are awaiting the upcoming American Non-Farm Payrolls which are currently expected to drop by 3,000 jobs, but could also see gains.
At the beginning of the week, USD/CAD confirmed the break under 1.04. Although the move wasn’t strong, this was a very important support line.
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