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  • Earlier in the New York session CAD got a boost as the Canadian Unemployment Rate for April came in better-than-expected at 5.7% vs. 5.8% while the Net Change in Employment for April smashed expectations at 106.5K vs. 10K.  
  • The USD/CAD pair lost about 90 pips on the news but is now stabilizing near 1.3340 level.  

USD/CAD daily chart


USD/CAD stays in the 1.3400-1.3500 range while the market holds above the 200 SMA.

USD/CAD 4-hour chart


The market is trading above its main SMAs suggesting bullish momentum in the medium term.


 
USD/CAD 30-minute chart

There was strong buying at 1.3380 as the bulls intend to erase Friday’s losses. The market remains in balance with the bulls intending to break above 1.3440, 1.3460 resistance to reach once again 1.3500 figure. To the downside, bears will need to break below 1.3400 to retest 1.3380 and potentially reach 1.3350.  

Additional key levels