US employers created 374,000 jobs in August, according to the Automatic Data Processing Research Institute (ADP). A moderate decline in US Treasury yields could have been attributed to investors’ doubts about when the Fed would leave the market. In the near term, traders will look for opportunities in the wake of the OPEC+ meeting and oil prices. The USD/CAD analysis looks bearish, as the price remains rangebound around 1.2600. The US dollar halts recovery after dismal US ADP figures. The USD/CAD pair is trading at 1.2615, up 0.01% on Wednesday, at the time of writing. –Are you interested to learn more about day trading brokers? Check our detailed guide- The USD/CAD pair remained at the bottom of its weekly range in the region of 1.2585-80, failing to rebound after a disappointing ADP report in the US. US employers created 374,000 jobs in August, according to the Automatic Data Processing Research Institute (ADP). Following a drop in the previous month to 326,000, this figure was well below the consensus of 613,000. Accordingly, a moderate decline in US Treasury yields could have been attributed to investors’ doubts about when the Fed would leave the market. This weakened the US dollar, which reversed its modest daily gains and became an obstacle for the USD/CAD pair. Get FREE Forex Signals Now! It was difficult for the pair to capitalize on the previous day’s modest rebound or gain acceptance above 1.2600 on Wednesday as new offers appeared. As oil prices rose modestly, the downturn was driven by higher demand for commodity-denominated Canadian dollars. The bulls did not seem impressed by the modest appreciation of the US dollar. Further, sentiment in equity markets continued to be positive, indicating a prevailing risk appetite. The rise in crude oil prices, on the other hand, provided some support for the Canadian dollar, which is pegged to commodities, and influenced further the proposed tone of the USD/CAD pair. The US Manufacturing PMI came slightly better than expected but could not impress the Greenback bulls. This, combined with the yield on US bonds, could affect the US dollar and drive the USD/CAD pair higher. In the near term, traders will look for opportunities in the wake of the OPEC+ meeting and oil prices. –Are you interested to learn more about forex signals? Check our detailed guide- USD/CAD price technical analysis: Locked in 20 and 200 SMAs USD/CAD 4-hour price analysis The USD/CAD price is sandwiched between 20-period and 200-period SMAs on the 4-hour chart. Although the volume for the recent bar surged, the close of the bar may be off the highs. This is an indicator of weak bulls. On the downside, 1.2570 ahead of 1.2550 are the key support zones. On the upside, 1.2650 and 1.2700 are the key resistance areas. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next Bullish Bias Dominates Solana, Up +5.99% – Where to Buy SOL? Ali B. 1 year US employers created 374,000 jobs in August, according to the Automatic Data Processing Research Institute (ADP). A moderate decline in US Treasury yields could have been attributed to investors' doubts about when the Fed would leave the market. In the near term, traders will look for opportunities in the wake of the OPEC+ meeting and oil prices. The USD/CAD analysis looks bearish, as the price remains rangebound around 1.2600. The US dollar halts recovery after dismal US ADP figures. The USD/CAD pair is trading at 1.2615, up 0.01% on Wednesday, at the time of writing. –Are you interested to learn… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.