The USD/CAD Reacts to Employment Data

FX:USDCAD   U.S. Dollar / Canadian Dollar
204 0 7
Talking Points
• The USDCAD             is trading higher on employment data
• NFP beat expectations at +211k
Bullish breakouts begin over 1.3425

The USD/CAD             is trading higher this morning after US NFP (Non-Farm Payroll) employment figures came in slightly higher than expectations. Expectations for NFP were set at 200k, while the actual figure was released at +211k. NFP initially boosted the USD/CAD             , but the move was also perpetuated by dismal CAD employment figures. CAD Net Change in Employment figures were released at -35k, which was considerably worse than the expected -10k.

Currently the USD/CAD             is attempting to breakout out above today’s R4 pivot point which is found at a price of 1.3425. To close the week over this point would be significant as it would be considered the first bullish breakout of the week. Traders looking for a trend continuation should also monitor sentiment for the pair. Currently, SSI             data is showing the USD/CAD             at an extreme -2.6. These figures when taken as a contrarian signal, may suggest that a bullish trend is set to continue as traders attempt to pick a top in price.

In the event of a reversal, traders will look for price action to move back inside of today’s trading range which begins at the S3 pivot point . A move back to this point, at a price of 1.3403, would suggest at least a short term change in the current bullish market conditions. In this scenario, traders may begin watching for the USD/CAD             to return back towards values of support including the S3 pivot point at 1.3358.
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