Usdcad rises 0.27% as US job openings increase

USDCAD Analysis

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	0.27%	37.1 Pips
Week to-date	-0.24%	-33 Pips
July	0.3%	41 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD Nonfarm Payroll Employment

What happened lately

In the United States, the Job Openings and Labor Turnover Survey (JOLTS) for May 2025 indicated a significant increase in job openings, reaching 7.769 million compared to a revised figure of 7.395 million in April. This increase suggests a growing demand for labor and could be interpreted as a sign of a robust labor market. The higher number of job openings might also attract more workers into the labor force, potentially putting upward pressure on wages as employers compete to fill these positions. This labor market development could have broader implications for the U.S. economy, influencing inflation and monetary policy decisions.

The news of increased job openings in the U.S. has likely impacted the foreign exchange market, specifically the USD/CAD currency pair. With the U.S. labor market showing signs of strength and resilience, the U.S. dollar may experience a boost in investor confidence, leading to an appreciation against other currencies, including the Canadian dollar. On Tuesday, the USD/CAD pair rose by 0.27% to 1.36431, reflecting this market sentiment. As investors anticipate the upcoming U.S. nonfarm payroll employment data, which is considered a significant economic indicator, further movements in the USD/CAD pair can be expected depending on the results of this report. If the nonfarm payrolls reveal strong employment growth, the U.S. dollar could continue to rise, potentially strengthening further against the Canadian dollar. Conversely, if the payroll numbers disappoint, the USD/CAD might see some corrective movement.

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What can we expect from USDCAD today?

USDCAD on Tuesday rose 0.27% to 1.36431. Price is below 9-Day EMA while Stochastic is rising.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.35971 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.36670 or trades above daily pivot 1.3632. Break above could target R1 at 1.36781. While to the downside, we are looking at 1.35971 (S1) and daily low of 1.35860 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.36670 may suggest continuation after recent positive movement.

For the week to-date, take note that USDCAD is mixed as compared to the prior week.

Key levels to watch out:

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