Canada’s employment fell for a third consecutive month. Rising interest rates are beginning to cool Canada’s economy. Wage growth went up to 5.6% from 5.4%. Today’s USD/CAD outlook is bearish. According to official data released on Friday, Canada’s employment declined for a third consecutive month in August, a sign that rising interest rates are beginning to cool the overheated economy. Economists, however, warned that this trend was unlikely to cause the BoC to pause its aggressive policy, boosting the Canadian dollar. -If you are interested in knowing about ETF brokers, then read our guidelines to get started- According to Statistics Canada data, the Canadian economy lost 39,700 jobs in August, missing analyst predictions of an increase of 15,000 jobs. After reaching a record low of 4.9% in July, the unemployment rate increased to 5.4%, missing forecasts that it would go to 5.0%. “I think this can be taken as a reasonable indication that the economy is slowing,” said Andrew Kelvin, chief Canada strategist at TD Securities. “When you look at the increase in the unemployment rate, that does suggest that maybe a little bit of slack is starting to return to the labor market, though it’s not a complete process, and it will be a slow process,” he added. Wage growth accelerated to 5.6% in August compared to July’s 5.4% increase. According to economists, the Bank of Canada will likely continue raising rates due to this wage pressure, which can further feed inflation. USD/CAD key events today There won’t be any significant economic releases from the US or Canada. The pair will likely continue moving on Friday’s momentum. Get FREE Forex Signals Now! USD/CAD technical outlook: Double top playing out, bears headed for 1.29 Looking at the 4-hour chart, we see the price trading below the 30-SMA and the RSI well below 50. It is a sign that bears are in charge of the current move. This move comes after bulls could not go beyond 1.32006, where there was a double top pattern. The pattern indicated that bulls were no longer strong enough to make higher highs. -Are you looking for high leveraged forex brokers? Take a look at our detailed guideline to get started- The bearish trend started when the price broke below and retested the 30-SMA. Bears have broken below the 1.31003 support level and are currently on the verge of breaking below 1.30003, a key psychological level. If bears can successfully break below this level, the next target will be at the 1.29004 support level. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% 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 GBP/USD Price Gains Ground, Eying 1.1759 Ahead of US CPI Olimpiu Tuns 1 week Canada's employment fell for a third consecutive month. Rising interest rates are beginning to cool Canada's economy. Wage growth went up to 5.6% from 5.4%. Today's USD/CAD outlook is bearish. According to official data released on Friday, Canada's employment declined for a third consecutive month in August, a sign that rising interest rates are beginning to cool the overheated economy. Economists, however, warned that this trend was unlikely to cause the BoC to pause its aggressive policy, boosting the Canadian dollar. -If you are interested in knowing about ETF brokers, then read our guidelines to get started- According to Statistics… 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.