Overall, USD/CAD is trending upwards. Recently, USD/CAD moved down into the support zone of 1.24800. The Canadian employment data released last Friday indicated a strong recovery in the jobs market, surpassing the forecasted number of jobs added in June amid the lifting of COVID restrictions in Ontario and the resumption of outdoor activities. Unemployment rate declined as forecasted. Nevertheless, the jobs report indicated that all of the employment increase was in part-time jobs.
Employment Change (Actual: 230.7K, Forecast: 172.5K, Previous: -68.0K)
Unemployment Rate (Actual: 7.8%, Forecast: 7.8%, Previous: 8.2%)
Currently, USD/CAD is testing the support zone of 1.24800 and the next resistance zone is at 1.26100.
Look for short-term selling opportunities of USD/CAD if it breaks the support zone of 1.24800.