USD/CAD Outlook (1st February 2019)

• U.S. Employment Data
  

Price Movement
Since yesterday, USD/CAD has been ranging within a 45pips range.

Trend
USD/CAD is on a downtrend.

Macro Background
The Average Hourly Earnings measures the change in the price businesses pay for labor (excluding the farming industry). It is expected to perform worse than previous month.
The Non-Farm Employment Change measures the change in the number of employed people during the previous month (excluding farming industry). It is expected to perform worse than previous month.
The Unemployment Rate measures the percentage of the total work force that is unemployed and actively seeking employment during the previous month. It is expected to perform worse than previous month.

Overall, the expectation for this month’s job report is worse than previous month. If the data released tonight (2130 SGT) is worse than expected, we may be seeing a weakening in the U.S. dollar and USD/CAD will fall.

Important Issue
None.

Technical
USD/CAD is currently moving between the resistance level of 1.32108 and support level of 1.30725.

Price Levels
Current Price: 1.31489
Next Resistance: 1.32108
Next Support: 1.30725