USD/CAD Remains Bullish, Markets Restless Await Canadian Jobs Data & US NFP

<p>&nbsp;The Canadian dollar and the US dollar are expected to show an interesting reaction when the Canadian employment data report and the United States (US) NFP are published in the New York session shortly.</p><p><br /></p><p>The US dollar has picked up early strengthening momentum after the US ADP jobs data published yesterday recorded strong numbers, with the largest increase in private employment since February 2022.</p><p><br /></p><p>This gives a positive signal to the NFP employment report tonight.</p><p><br /></p><p>However, the preliminary forecast for NFP employment growth for June was lower than the previous month. Meanwhile, the unemployment rate is expected to decrease slightly.</p><p><br /></p><p>Meanwhile, job growth in Canada is predicted to recover after the economy lost 17,300 jobs in May.</p><p><br /></p><p>The unemployment rate received a worrying forecast to increase to 5.3% from 5.2% previously.</p><p><br /></p><p>The price chart of the USD/CAD currency pair on Thursday yesterday continued to show a continuous surge with the strengthening of the US dollar including the Canadian dollar.</p><p><br /></p><p>The price that managed to break through the resistance level of 1.33000 finally reached the latest high at 1.33700 as it ended the trading of the end of the New York session.</p><p><br /></p><p><br /></p><p>The price movement remains moving in a bearish trend above the Moving Average 50 (MA50) support level on the 1-hour time frame on the USD/CAD chart towards the end of the week.</p><p><br /></p><p>Slow prices in the Asian session at the high zone reached yesterday continued to rise in the European session for a new 3-week high.</p><p><br /></p><p>If the rally manages to touch the 1.34000 level, that will be a 4-week price high.</p><p><br /></p><p>The increase is higher if the next breakthrough of 1.34000 is seen to lead to the next concentration zone which is at the height of 1.35000.</p><p><br /></p><p>However, it is not impossible for the price to reverse the direction of making another dive after being affected by the published employment data report.</p><p><br /></p><p>The initial decline is seen to test the 1.33000 level before further price moves towards the price support zone at 1.32000.</p>