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.
- 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
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