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Forex

USD/CAD Bulls Flag Strength Ahead of Labor Market Data

Guavy AI Editorial Team
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USD CAD
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The USD/CAD pair has ticked higher to near 1.4023 in the European trading session, ahead of the release of US-Canada employment data.

The market is expecting a hike in interest rates by the Federal Reserve at its September meeting, with a 54.5% chance according to the CME FedWatch tool.

A bullish flag pattern has formed on the USD/CAD chart, indicating that the overall trend remains bullish.

Analysts at Danske Bank are forecasting nonfarm payrolls of +70k, an unchanged unemployment rate of 4.2%, and average hourly earnings of +0.3% m/m s.a. in the US July Jobs Report.

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