Also a good jobs report for Canada
Christophe Chevalier June 8, 2020 2:39 PM
Last Friday was also a good surprise on the jobs front for Canada as 289,600 jobs were added in May.
Last Friday was also a good surprise on the jobs front for Canada. Indeed, official jobs report showed that the Canadian economy added 289,600 jobs in May (vs -0.5 million expected), while jobless rate climbed to 13.7% (vs 15.0% expected) from 13.0% in April. Later today, Canada's housing starts for May will be reported (annualized rate of 160,000 units expected).
From a technical point of view, on a daily chart, USD/CAD has broken below the lower boundary of a triangle and is capped by its declining moving averages. The daily RSI remains badly directed. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3850. The nearest support would be set at horizontal support at 1.3200 and a second one would be set at yearly bottom at 1.2950 in extension.
Source: TradingView, GAIN Capital
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