Canada Unemployment comes in better than expected
Unemployment came in at 8.6% vs 8.7%
Net Change in Employment -7.4K vs -41.8K
Full time however, was down 47.5K
Part time was up 40.1K
So the mix was not as great as gains were in the Part time sector which could suggest workers are being forced to take lower paying part time jobs.
Nevertheless, the market has sold off the USDCAD (CAD$ higher) off the number.
The price action in the USDCAD has been moving sideways of late as it respects the 38.2% Fibonacci Retracement at the 1.1655 level (from the move down from the March high of 1.3062 to the low at 1.0785). The high price today occurred before the release at the 1.1662 level. The expectation for the day would be to find sellers against the level, with stops if the price moves back above this key level.
On the downside, the 100 and 200 hour moving averages need to be breached on the downside to confirm a bearish bias. The 100 hour MA comes in 1.1624. The 200 hour moving average comes in at 1.1597 currently.
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