On the calendar to be released at 8:30 AM ET, will be Canada's employment statistics. The expectations are for:

  • Employment change of 18.0K versus -2.2K last month.
  • Unemployment rate is expected to rise to 6.2% from 6.1%.
  • Full-time employment last month came in at -0.7K
  • Part-time employment fell by -1.6K.
  • Participation rate came in at 65.3 last month.

The USDCAD is trading marginally higher today, and remains above its 200 bar moving average on the four-hour chart at 1.36648. Recall that on Monday, the price bottomed for the week against that moving average level and bounced higher.

The high price for the week came in at 1.37619 before starting its rotation back to the downside.

Yesterday, the price fell below a cluster of moving averages including the 100 bar moving average on a four hour chart, and the 100 and 200 hour moving averages. Those moving averages come between 1.3700 and 1.3707 today. It would take a move above those levels to turn the bias back to the upside after the jobs report.