USDCAD Sees A Selling Opportunity On Strong Canadian Employment Change Data!


The Canadian Employment Change rose 79.5K, from 35.3K in the preceding month, analysts had expected it to fall 10.0K in the last month. Canadian gross domestic product (GDP) expanded 0.2% in September from a month earlier, beating expectations for a 0.1% rise and better than the last month -0.1%.

This development supports the Canadian dollar against the USD, immediate support comes at the 1.2765 levels, a cut will aim the 1.2680 levels where a break will open the 1.2630 levels.

In the case of a rebound, resistance comes at the 1.2805 levels ahead of the 1.2850 levels followed by the 1.2891 levels (main).

Eyes will be next on U.S ISM Manufacturing PMI after 45 minutes, analysts expect it to fell 58.4, from 58.7 in the preceding month. Any reading above 58.4 is likely to bring a selling opportunity…so selling the pair is recommended in the case of rebound near resistance levels…

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