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USD/CAD - Rounded Top Attempt Being Tested after Jobs Data

Today, we have jobs data out of the US and Canada. The USD/CAD has been stalling and forming a rounded top and how the market reacts to today's jobs data can be key to whether this rounded top will form or be invalidated.

US NFP (July): 215K
Forecast: 222K
Previous: 231K (revised from 223K)
Unemployment Rate (July): 5.3%
Forecast: 5.3%
Previous: 5.3%
Average Hourly Earnings m/m (July): 0.2%
Forecast: 0.2%
Previous: 0.0%

CAN Employment Change: 6.6K
Forecast: 5.3K
Previous: -6.4K
Unemployment Rate July: 6.8%
Forecast: 6.8%
Previous: 6.8%

A cursory look at the jobs data would tell us that US jobs data disappointed while Canadian jobs data was on point and even slightly better than expected. However, outside of the short-term adjustment, I don't believe this data will have much of an impact on USD/CAD, which should remain bullish. The data set might cause the market to stall an already strong rally in the USD/CAD, but I think it will hold above the key psychological level of 1.30. 

USD/CAD 1H Chart 8/7
(click to enlarge)

The 1H USD/CAD chart shows the almost complete rounded top being tested after the jobs reports. So far it seems like bulls have lost its momentum. But does this mean bears will take over? In the short-term I think the technical structure does set up for a bearish correction. However, I would limit this outlook to 1.30 with some elbow space for lower. I don't think the jobs data is that divergent, and won't have significant impact on the existing FOMC's or BoC's monetary policy stance. 

If price does clear 1.30 however, we might see a more significant period of consolidation/bearish correction with downside risk towards 1.2850. 

USD/CAD Daily Chart 8/7
(click to enlarge)

The daily chart shows that the market is still bullish, and remains so even after today's bearish reaction. Now, if price trips below 1.30, then we should look at the 1.2850 support/resistance pivot area as the next key support.