USD/CAD steady, nonfarm payrolls next

USD/CAD has started Friday trade with gains. The pair is currently trading at 1.3351, up 0.33% on the day. On the fundamental front, employment numbers will be in focus on both sides of the border, so traders should be prepared for possible volatility from USD/CAD.

Canadian, US job numbers could shake up USD/CAD

We could see some strong movement from USD/CAD in the North American session, with the release of key job numbers in Canada and the United States. The star of the show is US nonfarm payrolls, which is often a market-mover. The forecast for July stands at 1.55 million, a respectable number. However, this is much lower than the previous release of 4.80 million. A possible warning sign is the ADP nonfarm payroll release, which was published earlier this week. The indicator showed that the economy created just 167 thousand jobs, well off the estimate of 1.2 million. Will the official nonfarm payrolls follow suit with a soft reading? Wage growth, another key reading, is projected to come in at -0.5%, which would mark a third straight decline. If either of these releases misses expectations, the US dollar could lose ground.

Investors will also be keeping a close eye on Canadian numbers. Canada created 952.9 thousand jobs in June, a monster figure. The July forecast is much smaller, at 395.0 thousand. Still, if the economy can put together two strong months of job creation, it could signal that the recovery is gaining steam, which could give the Canadian dollar a boost.


USD/CAD Technical

The pair posted small gains in the Asian session and has flattened out in European trade.

  • USD broke through resistance at 1.3337 in the Asian session. 1.3374 is the next resistance line
  • There is support at 1.3258. Below, there is support at 1.3212, which is protecting the 1.32 line
  • The 10-day MA has been relevant all week. If USD/CAD can break above this line, it would be a bullish sign for the pair

Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at Visit to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Kenny Fisher

Kenny Fisher

Market Analyst at OANDA
A highly experienced financial market analyst with a focus on fundamental analysis, Kenneth Fisher’s daily commentary covers a broad range of markets including forex, equities and commodities. His work has been published in several major online financial publications including, Seeking Alpha and FXStreet. Based in Israel, Kenny has been a MarketPulse contributor since 2012.
Kenny Fisher

Latest posts by Kenny Fisher (see all)