Chart of the day: USDCAD

As it is usually the case for the first Friday of a month, today is a big day for USDCAD traders. Jobs reports for December from the United States and Canada will be released at 1:30 pm GMT. Of course, the US release will attract bigger attention. However, impact of the data on the market may not be as big as usual as this week’s FOMC minutes release have already set expectations for future monetary policy. Nevertheless, a short-term volatility spike is expected around release time. Market expectations:

NFP report for December

  • Non-farm payrolls. Expected: 400k. Previous: 210k
  • Wage growth. Expected: 4.1% YoY. Previous: 4.8% YoY
  • Unemployment rate. Expected: 4.1%. Previous: 4.2%

Canadian jobs report for December

  • Employment change. Expected: 27.5k. Previous: 153.7k
  • Unemployment rate. Expected: 6.0%. Previous: 6.0%

Taking a look at USDCAD chart, we can see that the pair painted a potential head and shoulders pattern. The 1.2825 resistance zone marks the shoulderline of the pattern while the neckline can be found in the 1.2620 area. Breaking below the neckline may trigger a downward move to as low as 1.2250 area.

Source: xStation5

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