We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides Download
Oil - US Crude
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Well, that was a terrible session for equity bulls. It is not good to be fully committed to a market view especially when traditional value methods call such stark attention to circumstances. As the saying goes "strong convictions, weekly held"
  • Ouch https://t.co/Ci8Txfpf98
  • US Equity Close: $DJI -1,196 (-4.44%) $SPX -138.5 (-4.44%) $NDX -414.3 (-4.61%) $RUT -56.5 (-3.64%) $VIX +10.1 (+36.47%)
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: US 500: 0.07% Wall Street: -0.03% Germany 30: -2.00% France 40: -2.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/OoZaNhSRFB
  • Fed's Evans says it is too early to respond with monetary policy to the coronavirus impact, but what about responding to the financial market's response to the coronavirus?
  • And, here is the $DXY Dollar Index overlaid with rate forecasts derived from Fed Funds futures through end of the year (flipped to align to textbook expectations) https://t.co/AvOauBbs2u
  • I smell desperation. Here is the $SPX overlaid with the forecast for rate cuts through the end of 2020. Pricing in 72 bps of easing. Shouldn't ask what the Fed will do but rather what can they practically achieve with their efforts... https://t.co/BCrOAIO1zC
  • Stocks edge to new daily lows with the $SPX trading beneath 3,000 https://t.co/CM1NBZGPzq
  • Heads Up:🇳🇿 NZD N.Z. Government 7-Month Financial Statements due at 21:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-02-27
  • Equity exposure https://t.co/yzKgAE2ozu
USD/CAD at the Crossroads of the 200-Day SMA Ahead of the Canadian Employment Report

USD/CAD at the Crossroads of the 200-Day SMA Ahead of the Canadian Employment Report

2010-07-08 18:09:00
Michael Wright, Currency Analyst

Fundamental Outlook

Employment in Canada is expected to jump 20.0K for the month of June after climbing 24.7K in May to mark the sixth consecutive month that the labor market has improved. Market participants are sure to keep a close eye on the breakdown of the report, specifically the change in full and part time employment. Last month, most of the gains were made in private businesses and regular employment.  Thus, a reading in full time workers and the participation rate may revive interest rate speculation. As of late, about three quarters of the number of jobs lost during the recession have been recovered. Meanwhile, the job market is expected to continue its northern journey throughout the second half of the year as business spending continues to expand.  In turn, this may lead companies to become less reluctant to add onto their payrolls as they become more optimistic of future growth conditions. All in all, the labor market in Canada is relatively strong and is destine to continue its course. However, disappointing figures or an unexpected decline will validate our bullish USD/CAD technical outlook.

Technical Outlook


USDCAD: After testing the 38.2 percent Fibonacci retracement on the 5/25, 6/21 downswing, price action looks to have rebounded sharply off of this level. This level is relatively important in that it coincides with the 200 day moving average. At the same time, the 50 day SMA looks poised to crossover above the 200 day SMA, which in indicative of additional gains. It is noteworthy that our speculative sentiment index signals for declines at a slow pace, however, traders should not rule out the ratio flipping as retail short positions may soon exceed long positions.

For More Technical Analysis Visit the DailyFX Technical Page

Written by Michael Wright, Daily FX Research
To Receive Future Articles by Email, please contact me at instructor@dailyfx.com
Michael Wright is the author of FX Headlines, Fundamentals vs. Technical’s, Weekly Spotlight, and
Forex Trading Weekly


DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.