Jobs Day also in Canada
Later today, Canada's official jobs report will be released (+250,000 jobs and jobless rate at 10.1% expected).
Share this:
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
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
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, USD/JPY Outlook: Oil, yields and an FX identity crisis
Crude oil is setting the tone across rates and FX, leaving EUR/USD vulnerable and USD/JPY caught between higher Treasury yields and the growing threat of intervention
AUD/USD Analysis: What's Next for the Australian Dollar After the RBA Decision?
Recent trading sessions have reflected a more neutral tone around the Australian dollar. This can be seen in AUD/USD price action, which has posted moves of roughly 0.2% over the last two sessions without establishing a clear direction. Much of this lack of momentum is linked to expectations surrounding the next policy moves from both the Reserve Bank of Australia (RBA) and the Federal Reserve.
USD into a Massive Week as Yields Fly and Gold Breaks
It’s a huge week with PCE and NFP, but it’s what’s happening off of the calendar that demands attention with US yields flying to fresh multi-decade highs.
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.