August 09, 2024 at 01:41PM
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. Getting below that level – and staying below – is needed to increase the bearish bias with the 100 day MAat 1.36905 as the next key target.
On the top side, the 50% midpoint of the same move to the upside held resistance yesterday and remains resistance in trading today. A move above would have traders targeting the 100 bar MA on the 4-hour chart at 1.37923 and then the 1.3803-09 area.
For the week ,Monday’s high at 1.39458 made a new high going back to October 2022 but fell short of the 2022 high price at 1.39770 before reversing sharply lower.
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.
