Today in Canada will be released the employment change and unemployment rate at 12:30 GMT and both indicators are expected to be a market-mover, as the analyast are expecting good numbers in terms of the change in number of employed canadian people during May. The forecast is placed around the 3.1K, which is very above the last reading of -2.1K, while the unemployment rate is expected to remain unchanged at 7.1%, but there could be some slightly changes.
If both indicators show a positive reading, possibly the USDCAD can see more downside and it’s something that’s still feasible, as the H4 chart is showing more bearish potential toward the range zone between 1.2616 and 1.2434 levels in a mid-term basis, where are located a solid area for buyers. However, if the numbers are negative for Canada’s economy, then we will follow the Fibonacci retracements levels highlighted at the chart, focusing on the 78.6% zone as a pivot in favor of the bullish bias, where the Loonie can do a rebound toward the 200 SMA (around 1.2890 level).
Origin: FX BAZOOKA
