The USDCAD is little changed after the Canadian jobs report. Although the employment change was lower by -2.8K versus +22.5 estimate, the full-time jobs increased by 61.6K. The part-time jobs fell by -64.4K offsetting those gains. Stronger full-time is better than the declines in part-time jobs. The unemployment rate also remained steady at 6.4% versus 6.5% estimate.
Looking at the hourly chart, the price did dip below its 200 bar moving average on the 4- hour chart and 61.8% retracement of the move up from the July low at 1.37247 in the late Asian/early European session today, but momentum was limited and the price is back above that support target.
On the top side, the 50% midpoint of the same move to the upside held resistance yesterday and remains resistance in trading today.
For the week Monday is high at 1.39458 made a new high going back to October 2022 but fell short of the 2022 high price at 1.39770.
For more on the USDCAD’s move this week see the video from yesterday:
This article was written by Greg Michalowski at www.forexlive.com.
