USDCAD technicals: The weaker Canada jobs report has pushed the USDCAD higher. What next? ...Middle East

Employment Change:

Expected (Reuters Poll): +13.5k

? Major miss – Canada lost jobs instead of gaining as expected.

Actual: 6.9%

Prior: 6.9%

Full-Time Employment Change:

Prior: +13.5k

Part-Time Employment Change:

Prior: +69.5k

Participation Rate:

Prior: 65.4%

Summary:

Technically, the USDCAD pair moved modestly higher but into resistance. In the video above I take a look at the technicals that are driving the pair and explain why. There have been some key support and resistance levels that has defined the trading range not only for the day but for the week.

Traders/investors will be using those levels to define the bias, define the risks, and define the targets.

This article was written by Greg Michalowski at investinglive.com.

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