Also a good jobs report for Canada

Last Friday was also a good surprise on the jobs front for Canada. Indeed, official jobs report showed that the Canadian economy added 289,600 jobs in May (vs -0.5 million expected), while jobless rate climbed to 13.7% (vs 15.0% expected) from 13.0% in April. Later today, Canada's housing starts for May will be reported (annualized rate of 160,000 units expected).

From a technical point of view, on a daily chart, USD/CAD has broken below the lower boundary of a triangle and is capped by its declining moving averages. The daily RSI remains badly directed. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3850. The nearest support would be set at horizontal support at 1.3200 and a second one would be set at yearly bottom at 1.2950 in extension.
Market chart highlights US Dollar vs Canadian Dollar is falling. Published in June 2020 by FOREX.com

Source: TradingView, GAIN Capital

 
 

Related tags: Forex Forex Canada

Open an account in minutes

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.

Economic Calendar