- The USD / CAD forecast shows that participants in the market weight of employment from Canada and the USA.
- The economy added 139,000 new jobs in May.
- Canada reported an unexpected increase in employment from 8,800.
The USD / CAD forecast shows that participants in the market weight of employment from Canada and the USA. At the same time, traders are prepared for crucial data of American inflation this week that will shape the prospects for reducing the rates of the feedback rates.
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Last week, the United States and Canada published an incentive of monthly employment information. In the United States, the economy added 139,000 new jobs in May, above forecast 130,000. In the meantime, average salary per hour jumped, and the unemployment rate was held permanent to 4.2%. The report has led to a decline in expectation to reduce the rate feed.
Experts expected weakness in the American economy due to Trump aggressive tariffs. However, the economy was even more resilient than expected so far. As a result, the Fed could now focus more on the state of inflation.
On the other hand, Canada reported an unexpected increase in employment from 8,800. The estimates have shown an economy that lost 11,900 jobs. Meanwhile, the unemployment rate increased to 7.0% as expected. Last week, Bank of Canada paused rates for the second time. If the economy remains strong, policy makers can remain careful.
Today is key events USD / CAD
The market participants do not expect key economic editions from the US or Canada. Therefore, a couple could consolidate.
USD / CAD Technical Forecast: Bullish RSI Divergence
On the technical page, USD / CAD price has confiscated to reset the solid resistance zone containing the 30-SMA and 1.3701 key level. However, the price still trades below SMA with RSI under 50, suggesting bear bias.
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Initially, the price dropped in the trend until it reached the key level 1,3650. Although this was new low for the price, RSI made a higher, indicating a bikal breaking up. The bears were much stronger when they hit the low level at 1.3701.
Divergence of bulls can allow bulls to take responsibility for deep return or reversal. This would mean breaking over the current resistance zone. Such a move would clear the way to resilience at 1,3850. On the other hand, the trend of the fall will continue if the resilience is held.
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