The Canadian Dollar rose to a three-month high against the US Dollar on Friday as a range of encouraging domestic data has boosted expectations of a rate increase by the Bank of Canada. The Canadian jobs data revealed the addition of 79,000 jobs to the Canadian economy, marking a 13-month job addition streak. This was powered in part by an increase in part-time employment. The unemployment rate dropped to a 41-year low of 5.7 percent. The addition of 79,000 jobs was a very solid performance for a month where economists had predicted the addition of a modest 1,000 jobs.
This has boosted chances of a rate hike on Jan. 17 to about 60 percent, up from a 35% chance before the data. The outlook for the CAD is bullish as nearly all metrics covered by the jobs report performed solidly and chances of an interest rate increase have grown. Monday January 8 sees the release of the Bank of Canada’s Business Outlook Survey. A positive report will only serve to confirm a bull run by the Canadian Dollar.
Usd/Cad Daily chart.
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Usd/Cad 4H chart.
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Usd/Cad 1H chart.
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