Full-time employment rebounded with a gain of 31.5K, but part-time jobs fell by 24.2K. Manufacturing employment dropped by 31K, and average hourly wages for permanent employees held steady at 3.5% year-over-year.
Tthe USDCAD has seen little price action since the report. Technicallly, the pair continues its upward push after failing to gain downside momentum earlier this week. The pair has broken through prior resistance at 1.38917–1.3904, turning that area into support. Holding above this new floor is crucial to maintain the bullish bias. A move back below would be a near-term disappointment for buyers.
If bulls succeed, the next targets on the topside come in at:
1.4000 zone – where the 38.2% retracement of the broader move down and the 200-day moving average converge
Key Levels:
Resistance: 1.3924–1.3933 (must break and hold)
Upside targets: 1.3977, then 1.4000
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
Finally We wish PressBee provided you with enough information of ( USDCAD pushes higher but runs into resistance. Watch the old ceiling for short-term clues )
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