Good morning, dear traders! Welcome to today’s USDCAD trading analysis and update on the Canadian job market. Let’s delve into the analysis without delay.
Canadian Job Market News and USDCAD Technical Analysis for May 13, 2024:
The Canadian job market saw an expansion of 90.4K fresh payrolls, albeit with a slowdown in annual wage growth to 4.8%. Federal Reserve Bank of Atlanta President Bostic expressed uncertainty regarding the timing and extent of potential interest rate reductions.
On the flip side, a decrease in oil prices is bolstering the USD. Additionally, tensions in Gaza could drive capital towards the safe-haven Dollar, further strengthening it.
In technical analysis, USDCAD reached the support level of 1.36306 on Friday before swiftly rebounding above the SMA 200.
Currently, USDCAD appears to be forming a Bullish Pennant Price Pattern, with more US data scheduled for release this week. Investors should closely monitor this data for potential breaks in the pattern.
