1.0692 1.0707 is the high so far after the jobs report disappointed somewhat. The 55 wma is busted at 1.0694.

USD/CAD weekly chart 11 07 2014

USD/CAD weekly chart 11 07 2014

As adam points out it’s going to take some hawkish heat out of the BOC rate meeting next week. The part of the report that is good news is the switch from part to full time workers. The problem is that they keep switching places regularly.

Canadian full/part time workers

Canadian full/part time workers

I’ll be seeking Adam’s advice on Canadian job methodology to clarify (as they a generally a bunch of crazy mofo’s when it comes to calculating any sort of data) but it seems that there is at least a steady stream of work either full or part time each month.

**News just in** I’ve just had a chat and here’s what our foremost Canadian expert said;

“In truth, the Canadian/US jobs numbers make me question all stats… the jobs market is infinitely more healthy here than in the US. It’s relatively easy to get a job anywhere in Canada and insanely easy to get a great job out west”

So that suggests that there’s no real need to place so much emphasis on the full time/part time ratio in comparison to other jobs reports. Work is work and everyone is happy if they can get some. Canadian’s summed up really

:-D

And as I blather on USD/CAD runs through the 55 wma to a high of 1.0707 and we’re on our way to testing the broken channel at 1.0755.

USD/CAD daily chart 11 07 2014

USD/CAD daily chart 11 07 2014

What I’m liking the look of is the possible coming together of the 200 & 55 dma’s around the old support level of 1.0810/15. I still fancy that the inflation rises in Canada are more than temporary and that may keep the possibility of a hawkish BOC intact so I’m going to be watching this level with an eye for a short. I may even scale in a little bit against the broken trendline.