Jobs Day also in Canada
Christophe Chevalier September 4, 2020 2:04 AM
Later today, Canada's official jobs report will be released (+250,000 jobs and jobless rate at 10.1% expected).
Yesterday, official data showed that Canada recorded a trade deficit of C$2.45 billion in July, below C$2.50 billion deficit expected. Later today, Canada's official jobs report will be released, 250,000 jobs creations and a jobless rate at 10.1% are expected.
From a technical point of view, on a daily chart, USD/CAD remains capped by a declining trend line in place since March and by its declining 50-day moving average (in blue). The daily RSI stands below its neutrality area. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3320. The nearest support would be set at yearly bottom at 1.2950 and a second one would be set at set at October 2018 low at 1.2790 in extension.
Source: TradingView, GAIN Capital
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