The US dollar is pressing towards the 1.2600 level against the Canadian dollar, ahead of today’s monthly jobs report from the Canadian economy. A weaker jobs report could cause the USDCAD pair to rise, with bulls likely to take aim at the 1.2740 resistance level. A stronger than expected jobs report could cause a decline back towards the 1.2500 level, and potentially even the 1.2470 level.
The USDCAD pair is only bullish while trading above the 1.2570 level, key resistance is found at the 1.2645 and the 1.2740 levels.
If the USDCAD pair trades below the 1.2570 level, sellers may test the 1.2500 and 1.2470 levels.
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