The Canada Employment Report is published by Statistics Canada and measures changes in the number of people employed in Canada. In general, an increase in this indicator has positive implications for the cost of costumer spending that stimulates economic growth. Therefore, a high forecast is considered positive of bullish for the Canadian dollar, while a low forecast is considered negative or bearish for the Canadian dollar.
The USDCAD pair is only bearish while trading below the 1.2300 level, further losses to the 1.3170 and 1.3100 levels remain likely.
If the USDCAD pair trades above the 1.2300 level, buyers are likely to test the 1.2440 and 1.2490 resistance levels.
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