The USDCAD has moved modestly higher after the weaker than expected Canadian jobs report.

Summary:

Canada’s July jobs report was significantly weaker than expected, with a net loss of 40.8k jobs driven by a sharp decline in full-time positions. While the unemployment rate held steady and was slightly better than forecast, the overall data paints a picture of labor market softness, with a declining participation rate and a reversal from strong prior job gains.

Technically, the USDCAD pair moved modestly higher but into resistance. In the video above I take a look at the technicals that are driving the pair and explain why. There have been some key support and resistance levels that has defined the trading range not only for the day but for the week.

Traders/investors will be using those levels to define the bias, define the risks, and define the targets.