The US and Canadian jobs report is due out today. In the US, the market breathed a sigh of relief as the numbers weren’t as weak as they were last month. The unemployment rate fell to 4.2% from 4.3%. In Canada, the unemployment rate rose to 26.6%, the highest level since the COVID-19 period between 2020 and 2021 (the highest since 2017). With the Bank of Canada already cutting interest rates, it continues to support this trend (some may wonder if they should cut them by 50 basis points given the high unemployment rate).
Looking at the hourly chart, the price action has seen a decline and a bullish bounce. The price is currently above its 200- and 100-hour moving averages at 1.34945 and 1.35165 respectively. Staying above these levels would have traders looking towards its falling 100-hour moving average at 1.3553. The price has not been above this moving average since August 7th for almost a month since then and the price has moved down from 1.37842 which was the low it reached last week at 1.34396.
A move above the 100-bar moving average on the 4-hour chart would prompt traders to look towards the major 200-day moving average at 1.35879.