USDCAD and Canada’s unemployment surprise #elliottwave #trading #usdcad #canada #forex

Added: 2026-05-20

[00:00:00]As you know, dollar cat is on the rise slightly here.

[00:00:06]It's breaking out of this downward channel. We retested this resistance around 1.3700, but I think that this resistance could still be broken later on because I assume that we are here in a wave e rally. So, my assumption is that is that we could see a bit more maybe sideways price action here, maybe even higher prices before eventually this pair will turn to the downside. And the reason is because, as you know, unemployment in Canada raised to 6.9% from 6.7. So, it was a surprise and it means that if unemployment is jobs are not doing well there, then it means that there is less chance for potential hikes even if their inflation is a problem, right? So, if that's the the case and if they will have to do something to prevent jobs from falling or unemployment from rising too much, then of course this puts us in a bearish position for Canadian dollar, right?