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Dec 21, 2014

07:45 AM EDT


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Market Analysis

Home » Featured » Canada Added 42.9K Jobs and Reduced Unemployment Rate to 6.9% in March: CAD Firms

Canada Added 42.9K Jobs and Reduced Unemployment Rate to 6.9% in March: CAD Firms

Canada’s jobs report was a positive one, showing that 42.9K jobs were added in March. This reading rebounded from the -7.0K reading in February, and beat forecast of around 21.5K. The unemployment rate was also reduced from 7.0% to 6.9%. The historic graph shows the declining trend in unemployment since late 2009.

CAN: unemployment rate
(Source: tradingeconomics.com)

The data was CAD-positive.

USD/CAD fell below this week’s range, and tagged a previous support pivot at 1.0955. The next support pivot is 1.0910. The US NFP data was decent, but did not pack the punch the CAN data had.

USD/CAD 4H chart 4/4

The USD/CAD has shifted from bullish to neutral, and if the current decline can extend below 1.09, it would shift into bearish mode.
The CAD/JPY has been in a bullish development. The 4H chart shows a bounce from 90.65 that broke above the March high around 94.10, and formed a 2-month price bottom. Today’s price action extends the breakout closer to the 95.00 handle, and we do see some resistance at hand. While the CAD/JPY looks bullish, it also looks like it is due for a correction or consolidation before it can extend higher.

CAD/JPY 4H 4/4

Price bottom as support:
The 2-month price bottom should serve as a general area of support. We can see a “central pivot in the 92.20-92.30 area, and a bullish market should not keep the market above this area in the bearish correction scenario.

 

Fan Yang, CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.

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