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  • USD/CAD struggles to retain the advance from the February low (1.2468) as Federal Reserve officials show little interest in adjusting the path for monetary policy. Get your $USDCAD market update from @DavidJSong here:https://t.co/2QkWThxkgQ https://t.co/WNqR0fDPva
  • Fed's Evans: - Optimistic about recovery - Expects unemployment to be closer to 5% by end of 2021 #Fed $USD
  • Mid-Week Market Check Up- $USD, $EURUSD, $USDCAD, #Gold, #Silver, $SPX & #Bitcoin and More! (Webinar Archive)- https://t.co/YA8stRdhgx
  • Fed's Evans: - 2021 should deliver a strong economic rebound - Fiscal support will be very helpful - There is still quite a gap in employment - Headline unemployment rate masks lots of people still on sidelines #Fed $USD
  • EU says UK is in "clear departure" from "constructive approach" - BBG.
  • EU says UK is violating its obligations under N.I. protocol. $EUR $GBP
  • The US Dollar remains strong but is trading lower than yesterday's multi-week highs. The $DXY tested the 91.00 level today ahead of the ISM Services print but traded lower after the print noted a slowing of activity in February. $USD https://t.co/o4l1Ir70lK
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.01%, while traders in Germany 30 are at opposite extremes with 65.87%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/32ozAOnK2x
  • Heads Up:🇺🇸 Fed Evans Speech due at 18:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-03
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 3.20% Gold: -1.26% Silver: -1.68% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/pZdvB2KyPb
DailyFX Roundtable: U.S. Non-Farm Payrolls (NFP) Coverage

DailyFX Roundtable: U.S. Non-Farm Payrolls (NFP) Coverage

Talking Points:

- DXY Rebounds as U.S. Non-Farm Payrolls (NFP) Highlights Strong Job Growth, Sticky Wages.

- USD/CAD Climbs to Fresh Monthly-Highs as Canada Employment Disappoints.

- GBP/USD at Risks for Further Losses Following BoE ‘Super Thursday’ Event.

- EUR/USD Resistance Persists, GER30 Continues to Lag Behind Major Counterparts.

- USD/JPY Holds Above June-Low (108.80) as U.S. Treasury Yields Pick Up.

- Sign Up and Join the DailyFX Team LIVE to Cover Major Data Prints as well as the RBNZ Rate Decision.

Join DailyFX Strategists Paul Robinson, David Song and Christopher Vecchio to cover the U.S. Non-Farm Payrolls (NFP) report along with key trade setups going into the first full week of August. Highlighted setups include DXY, USD/CAD, GBP/USD, EUR/USD, USD/JPY, NZD/USD and GER30.

USD/CAD 5-Minute Chart

USD/CAD Chart

The U.S. dollar gained ground against its major counterparts following the better-than-expected Non-Farm Payrolls (NFP) report, while a separate report showed the Canadian economy adding 10.9K jobs in July amid forecasts for a 12.5K expansion. At the same time, a dip in Canada’s Participation Rate spurred a decline in the jobless rate as discouraged worked left the labor force, and the mixed development may encourage the Bank of Canada (BoC) to endorse a wait-and-see approach at the next policy meeting on September 6 after raising the benchmark interest rate for the first time since 2010.

USD/CAD Daily Chart

USD/CAD Daily Chart

Download the DailyFX 3Q Forecasts

The shift in USD/CAD behavior may continue to unfold in the second-half of 2017 as the BoC changes its tune and appears to be on course to further normalize monetary policy over the coming months. However, dollar-loonie may stage a larger rebound over the coming days as the pair finally breaks the bearish formation carried over from June, while Relative Strength Index (RSI) continues to come off of oversold territory.

In turn, topside targets are on the radar ahead of the U.S. Consumer Price Index (CPI) amid the string of failed attempts to close below the 1.2420 (61.8% expansion) hurdle. Next topside target comes in around 1.2710 (50% expansion) followed by the Fibonacci overlap around 1.2770 (38.2% expansion) to 1.2780 (38.2% expansion).

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--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

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

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