USD/CAD Analysis: Jobs Report Boosts USD, Influences Canadian $

USD/CAD Analysis: Jobs Report Boosts USD, Influences Canadian Dollar

The US employment report for January exceeded market expectations, providing considerable support for the USD and impacting gold prices, which faced downward pressure due to the rise in US yields. Despite this, US stock markets experienced gains. The robust economic data may influence the Federal Reserve's stance, potentially leading to an extended period of high-interest rates.

In the European session, notable releases include Turkey's CPI rates for January, final services and Composite PMI figures for January in the Eurozone and the UK, Eurozone's Sentix index for February, and Eurozone's PPI rates for December. The US ISM non-manufacturing PMI figure for January is anticipated in the American session. On the monetary front, scheduled speakers include BoE chief economist Pill, BoC Governor Tiff Macklem, and Atlanta Fed President Bostic.

Technically, ahead of the US ISM release, the price retraced to the resistance area between 1.3500 and 1.3550. In the event of unfavorable economic news for the US, this resistance area could serve as a stepping stone for a potential pullback, providing traders an opportunity to short the market. A bearish impulse is being considered, especially as the price is situated in a premium area around the 78.6% Fibonacci level.

Our Idea:

Below 1.36300 look for further upside with 1.4300 & 1.3300 as targets.

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