Sasha Singh
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USDCAD : Strong Canada and Weak US Data Pushes the Pair Down

USDCAD on the 4 hour chart, broke out after consolidating within a descending triangle. The investors were waiting for the US Non-Farm payroll data and Canada's employment change data to trade USDCAD. 

According to the report from Statistics Canada, the employment in Canada increase by 43000 in March drive by gains among youths. Unemployment rate declined .1% to 6.9% beating the economist’s expectation for an increase in employment number by 21.5 and unemployment rate to be unchanged. On the other hand, the Non-farm payroll employment in US rose by 192000 in March and the unemployment rate was unchanged at 6.7% missing the economist’s expectation for an increase in non-farm employment change reading to 199000 and unemployment rate to decrease to 6.6%.

After the release of weak US data and strong Canadian data, US dollar strengthened against Canadian dollar pushing the pair to move downward breaking the support at 1.1001 on the 4 hour chart and most probably the pair will find the next support at 1.0954.