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Canadian Jobs Report: CAD Slips as Canadian Jobs Fall In May | Webinar

Canadian Jobs Report: CAD Slips as Canadian Jobs Fall In May | Webinar

Justin McQueen, Strategist

If you missed this webinar and would like to know about future events, you can see the full DailyFX webinar schedule here.

Canadian Jobs Slip in May Weighing on CAD

Canadian Employment Change showed a surprise decline of 7.5k against expectations of a gain of 23.5k. This had primarily been led by full time jobs which fell 31k, while the unemployment rate stood at 5.8%. In an immediate reaction to the report, the Canadian Dollar fell across the board with USDCAD breaching back above 1.30 to touch a high of 1.3040. However, if there was one positive, wage growth accelerated by 3.9% above estimates of 3.2% as such the weakness in the Canadian Dollar was short-lived, with rate expectations for the BoC at the July meeting also relatively unchanged at circa 72%.

Canadian Jobs Report: CAD Slips as Canadian Jobs Fall In May | Webinar

DailyFX Economic Calendar

USDCAD PRICE CHART: DAILY TIME FRAME (September 2017-May 2018)

Canadian Jobs Report: CAD Slips as Canadian Jobs Fall In May | Webinar

Chart by IG

USDCAD Technical Levels

Further upside in USDCAD remains curbed by the descending trendline from the 2016-17 peaks acting as firm resistance. Longer term target for USDCAD bulls would be for a test of 1.3124, which represents the 2018 highs. On the downside, support comes in from the 20DMA sitting at 1.2920, alongside buying interest from 1.2880.

DailyFX has a vast amount of updated resources to help traders make more informed decisions. These include a fully updated Economic Calendar, Educational and Trading Guides and the constantly updated IG Client Sentiment Indicator.

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

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