Some key technical levels for the EURUSD, GBPUSD and USDCAD going into the jobs reports

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Some key technical levels for the EURUSD, GBPUSD and USDCAD going into the jobs reports

<p>Both the US and the Canadian jobs reports will be released at 8:30 AM ET.  For a technical review of the EURUSD, GBPUSD, and USDCAD ahead of the report, click on the video ABOVE.  </p><p>In the VIDEO, I look at the levels in play that would tip the technical bias more in the favor of the bears or the bulls given data outside the expected range.</p><p>For the US data, the expectations shows :</p><ul class="text-align-start vertical-align-baseline"><li>Consensus estimate +250K</li><li>Private +265K</li><li>August +315K</li><li>Unemployment rate consensus estimate: 3.7% vs 3.7% prior</li><li>Participation rate prior 62.4%</li><li>Prior underemployment U6 7.0%</li><li>Avg hourly earnings y/y exp +5.1% y/y vs +5.2% prior</li><li>Avg hourly earnings m/m exp +0.3% vs +0.3% prior</li><li>Avg weekly hours exp 34.5 vs 34.5 prior</li></ul><p>A stronger number would be good news for the dollar bulls as rates should go higher, stocks lower.  </p><p>A weaker number would be bearish for the dollar as terminal rates would tilt more to the downside, stocks would continue the correction higher.</p><p>In Canada, the expectations call for:</p><ul><li>Unemployment rate 5.4% vs. 5.4% last month</li><li>employment change 20.0K vs -39.7K last month</li><li>full-time employment last month came in at -77.2K</li><li>part-time employment last month came in at 37.5K</li><li>participation rate last month came in at 64.8%</li><li>average hourly wages last month came in at 5.6%.</li></ul><p>Typically when Canada and US jobs reports comment on the same day, the technical bias is influenced more by the US dollar reaction.</p><p>Going into the number today, the GBP is the strongest of the majors while the NZD is the weakest. The USD is modestly weaker. </p><p>Looking at other levels:</p><ul><li>Spot gold is down -$1.25 or -0.07% at 1709.90</li><li>Spot silver is up $0.02 at $20.65</li><li>WTI crude oil is trading at $89.75 up $1.29</li><li>Bitcoin is trading at $19989</li></ul><p>IN the pre-market for US stocks, the snapshot is showing:</p><ul><li>Dow is up 97 points after falling -346 points yesterday</li><li>S&P is up 3.25 poitns after falling -38.76 points yesterday</li><li>Nasdaq is down -24 points after yesterday -75 point decline</li></ul><p>US yields show:</p><ul><li>2 year 4.29%, up 4 bps</li><li>5 year 4.098%, up 3.8 bps</li><li>10 year 3.84% up 1.7 bps</li><li>30 year 3.794%, up 0.2 bps</li></ul>

                This article was written by Greg Michalowski at forexlive.com.

Source: Some key technical levels for the EURUSD, GBPUSD and USDCAD going into the jobs reports

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