The USDCAD fell below the support level after the ADP jobs numbers. During the Asian session, the pair traded below this support level. What can traders expect next?
7 September, OctaFX – Today, Statistics Canada will release the employment change numbers. Traders expect that the unemployment rate will increase to 5.9% from last month’s 5.8%. Two hours after the data is released, Ivey will release the PMI data that is expected to drop to 61.4 from last month’s 61.8. These data will be watched closely because they will determine whether the Bank of Canada will increase interest rates as expected in October.
USDCAD Falls Below an Important Support Level
The USDCAD fell below the support level of 1.3156 yesterday. During the Asian session, the pair remained below this level as traders waited for the US and Canada employment numbers.
It is now trading at 1.3130. Positive US employment numbers will likely take the pair back to above the 1.3200 level while positive Canadian employment numbers will take the pair to below the 1.3050 level.
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