Canadian Employment Change Rises 12.1K In Sept, Sell USDCAD On Rebound!

Forex CAD

Employment Change measures the change in the number of people employed. Job creation is an important indicator of consumer spending.

The Canadian Employment Change rose 12.1K, from 12.0K in the previous month, the indicator was expected to fall 10.0 in the last month.

In the meantime, Candian Unemployment Rate rose7.1%, from 7.0% in the previous month, the indicator was expected to fall 6.9% in the last month.

Market impact: This development should advance the Canadian dollar, as a result USDCAD is likely to continue falling. In case of a recovery, immediate resistance comes at the 1.3015 levels ahead of the 1.3085 levels where rejection is very likely. On the down, support comes at the 1.2944/1.2920 levels. At this point, we have a strong demand zone here, so a rebound is likely before the next fall, next support comes at the 1.2825 levels.

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