CANADA DATA: Labour Force Survey Preview: Modest Rebound Expected (1/2)

• RES 4: 1.4175 High Jul 13
• RES 3: 1.4129 High Jul 28 
• RES 2: 1.4080 High Aug 4 and 5
• RES 1: 1.3874/3931 50-day EMA 
• PRICE: 1.3780 @ 16:56 BST Sep 08
• SUP 1: 1.3732 Low Aug 21 and the bear trigger
• SUP 2: 1.3715 76.4% retracement of the May 1 - Jun 24 bull cycle
• SUP 3: 1.3672 Low May 12
• SUP 4: 1.3620 Low May 7

The trend set-up in USDCAD remains bearish and last Wednesday’s reversal reinforces a bear theme. A key near-term resistance at the 50-day EMA, at 1.3931, is intact. A clear break of this average is required to strengthen any short-term bull theme and this would signal scope for a stronger retracement of the Jun 24 - Aug 21 bear leg. For bears, attention is on key near-term support at 1.3732, the Aug 21 low.  

• RES 4: 1.4175 High Jul 13
• RES 3: 1.4129 High Jul 28  
• RES 2: 1.4080 High Aug 4 and 5 
• RES 1: 1.3874/3931 50-day EMA  
• PRICE: 1.3780 @ 16:56 BST Sep 08
• SUP 1: 1.3732 Low Aug 21 and the bear trigger
• SUP 2: 1.3715 76.4% retracement of the May 1 - Jun 24 bull cycle
• SUP 3: 1.3672 Low May 12
• SUP 4: 1.3620 Low May 7

The trend set-up in USDCAD remains bearish and last Wednesday’s reversal reinforces a bear theme. A key near-term resistance at the 50-day EMA, at 1.3931, is intact. A clear break of this average is required to strengthen any short-term bull theme and this would signal scope for a stronger retracement of the Jun 24 - Aug 21 bear leg. For bears, attention is on key near-term support at 1.3732, the Aug 21 low.  

• Senior US officials to Fox: US military has struck targets near Kharg Island and Jask.
• The targets include Iranian oil tankers.
• This is part of a larger effort to squeeze Iran economically. The strategy includes sinking and disabling Iranian crude oil tankers.
• Link: https://x.com/JenGriffinFNC/status/2097408616332472750