Will job data shake up USD/CAD?

USD/CAD remains on a downward trend. In Friday’s European session, USD/CAD is trading at 1.3169, down 0.21% on the day.

Canada employment data looms

The Canadian dollar has recorded gains of 1.0% so far this week, and the rally could continue if key Canadian employment numbers (12:30 GMT) please investors. The economy is projected to have created 150.0 thousand new jobs, which would mark a fifth straight month of solid job gains. At the same time, the gains are weakening – the August reading of 245.8 thousand was down from July, which showed a gain of 418.5 thousand. The unemployment rate is expected to fall below the symbolic 10% level for the first time since April, with a forecast of 9.8%. If the releases are within expectations, the Canadian dollar could end the week on a high note.

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USD/CAD Technical

  • USD/CAD is testing support at 1.3172. Below, there is support at 1.3147
  • 1.3244 is the next resistance line, followed by resistance at 1.3291
  • USD/CAD continues on a downward trend, after breaking below the 20-day MA earlier in the week

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Kenny Fisher

Kenny Fisher

Currency Analyst at Market Pulse
Kenny Fisher joined OANDA in 2012 as a Currency Analyst. Kenny writes a daily column about current economic and political developments affecting the major currency pairs, with a focus on fundamental analysis. Kenny began his career in forex at Bendix Foreign Exchange in Toronto, where he worked as a Corporate Account Manager for over seven years.