HotForex - Analytics

    HotForex

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    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

    HotForex

    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information presented here.


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