Employment data on Canada
The publication of weak employment data in Canada slowed the strengthening of the Canadian currency, which showed growth on rising oil prices and the general weakness of the American.
- Change in employment in Canada is -1.1K, the forecast is 17.4K.
- The unemployment rate in Canada is 5.8%, the forecast is 5.8%
The main negative factor of the employment report in Canada was a significant change in employment in April, which confirmed the concerns about the employment market in Canada after the February decline, which showed -88.0K.
As a result, the pair USD/CAD found support at the level of 1.2730-00, which in future can serve as a level for the formation of the retreat. The closest resistance is the mark of 1.2800. An additional factor in the turn of the pair is the withdrawal of oil to a correction after growth, which completely deprives the Canadian currency of incentives for growth. Technically, the forex indicator MACD also indicates the formation of the bullish divergence.
Fig. USD/CAD. Current price – 1.2760
Hanzenko Anton