Canada Employment review

Canada has been hit hard by low employment this December and showed recovery entering into the year 2021 as economic recovery has been taking place since the beginning of the year, on the recovery Canada has been one of the quick recovery economies as it has been performing very well against the US dollar.

In January we saw a huge drop in employment as the economy of Canada saw a further 212k jobs lost from another loss of 62k jobs in December, which was affected by the second wave of the Coronavirus that had struck the country and due to a mutation of the virus which saw flights from the United Kingdom and South Africa being blocked.

A recovery is expected on Tomorrows data release for the Month of February in which Vaccines were being used on citizens to help prevent the spread of the coronavirus.

Technicals

on the technical side the Canadian dollar has been bullish against its competitors during this week and we are looking for a continued move on the bullish CAD 

UsdCad

Below is a USDCAD H4 setup, currently the pair is on a retest of the trendline before price pushes up higher above the recent highs