Full time down. Part time lead the job gains
The USDCAD tumbled after the net change in employment rose a greater than expected 54.1K vs 17.0K expected and the unemployment rate fell to 5.8% vs 5.9% (and 6.0% last month). The not so good is that the full time jobs fell and part time jobs surged (-28K and +82 respectively) and earnings fell once again.
The price of the USDCAD fell sharply, but then the bounced back higher.
Technically, the fall took the price to the 100 and 200 hour MAs at 1.3033 and 1.3022. The low stalled between the levels at 1.30265.
The rebound has pushed the price to 1.3089. The price was at 1.3084 right before the release.
The 100 bar MA on the 5 minute chart is at 1.30906. A move above would make the picture ugly (well it already is ugly technically).
It is hard to predict the wild swings on a pair but the "markets" return to the starting levels says to me, the market is unsure. The numbers were strong on the surface but deep down with the mix and the earnings, it was not so good.
A move back below the 200 bar MA on the 5-minute chart at 1.30685 will be eyed by sellers now. Stay below would be more bearish.
