In Canada, at 12:30 GMT we’ll have the Employment Change’s release and the analysts are expecting a change from -31.2K to 15.0K and with that scenario, CAD pairs should see volatility during the event. During Thursday, BoC’s Lane said that the job market is still recovering and that could give us an idea of what will happen with the jobs data in Canada for coming months. Let’s see if the indicator shows an improvement for August.
Our technical analysis for USD/CAD at H4 chart is calling for a rebound continuation towards the resistance zone of 1.3003, where the 200 SMA is located. Also, there is a bullish trend line placed from August 18th session and is acting as dynamic support. If we see a positive number during today’s release, then the pair should break that trend line and it can find support once again at the 1.2777 level, while in the another scenario, a consolidation above the 1.3003 zone should push higher to the pair towards the 1.3133 level on a first degree.
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Origin: FX BAZOOKA
