Also a good jobs report for Canada
Last Friday was also a good surprise on the jobs front for Canada as 289,600 jobs were added in May.
Share this:
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.
Source: TradingView, GAIN Capital
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.
Source: TradingView, GAIN Capital
Latest market news
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
EUR/USD weekly outlook: Oil, inflation and NFP in focus
After coming under significant pressure in recent weeks, the EUR/USD came off its lows to finish the week on a positive note on Friday, albeit with only a mild rebound. That was not enough to prevent the exchange rate falling for the third consecutive week, as the US dollar and bond yields rallied across the board.
EUR/USD Q4 2026 Outlook: Euro at a Crossroads as Fed, ECB Tighten 9 25 2026
EUR/USD enters Q4 at a pivotal inflection point as competing Fed-ECB policy paths and persistent inflation risks collide with major technical support.
USD/JPY Q4 2026 Outlook: Hawkish Fed Pricing Clashes With Intervention Risk
The year-end tug-of-war is clear: hawkish Fed pricing supports USD/JPY, while intervention risk limits the upside.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.