Canadian employment numbers surprised positively

Chart_16-06-10_15-39-26

USDCAD, Daily

Canada employment grew 13.8k in May, much better than anticipated (median 5.0k) following the 2.1k dip in April. Full time employment surged 60.5k in May after falling 2.4k dip in April. Part time employment fell 46.8k in May after the 0.4k rise in April. The unemployment rate fell to 6.9% in May (median 7.1%) from 7.1% in April. The participation rate was 65.7 in May versus 65.8 in April.

USDCAD reacted lower on the surprisingly good numbers and hit a support at 1.2656. Should this support hold the market will challenge the 1.2767 resistance. However, the pair is in a downtrend and the likelihood of supports being broken is higher than that of resistance levels. In the event of market breaking lower the May low at 1.2464 will come into play.

Janne Muta

Chief Market Analyst

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About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.

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