- The odds of USD / CAD indicates the jump in the Canadian dollar.
- Canada Economy lost 65,500 jobs compared to expectations of 4,900 new jobs.
- Greenback was also under pressure on the data showing only 22,000 new jobs in the US.
The USD / CAD frame signifies the jump in the Canadian dollar after a poor employment report to the instinute in the Bank in the CEN Board. The recommendation comes as a focus switches to the FED, which is also under intense pressure on lower borrowing costs.
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Data on Friday found that the Canadian economy lost 65,500 jobs, compared to the expectations of 4,900 new jobs. At the same time, the unemployment rate jumped from 6.9% to 7.1%. This was a larger number of estimated 7.0%. Prior to the data, participants in the price market have appreciated 75% chance for the cutting rates in September. This probability jumped to 90% after data. As a result, the Canadian dollar failed against most of his peers, including the dollar.
However, Greenback is also under pressure on the data that only 22,000 new jobs in the US show. It was below estimation of 75,000 and hardened bets for September supply rate. The traders are now preparing for the US CPI report for more than one track within Outlook for Fed Policy.
Today is key events USD / CAD
Merchants are not looking forward to any key betrayal today. As a result, USD / CAD can extend moves on Friday.
USD / CAD TECHNICAL Outlook: 0.618 FIB Retragement Running Returns
On the technical page, USD / CAD price is pulled back to reset 30 SMA as support. However, bias is still fluctuation because the price trades above SMA and RSI above 50 years. The withdrawal occurs after the price met solid cleansing of 0.618 FIB retrast and levels of 1,3850.
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The bulls took responsibility when the price broke above 30ths. Since then, they are struggling to maintain a pattern of higher high and lowest falls. However, the sample paused at the level of 0.618 FIB. At the same time, the price broke down 30 SMA, a sign that bears are ready to cause the Usttrend.
The pause below the SMA would signal the shift in feeling, allowing USD / CAD to retire the support level of 1,3725. On the other hand, if it keeps the company, the bulls will return to seek newly above 1,3850. Such a move would clear the way the price reaches the level of resilience at 1.3920.
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