Forex traders are looking forward to today’s NFP report out of the US, expected to move the US Dollar in a volatile trading session. Revisions to the previous two months are equally anticipated, as of December’s report disappointed following a very strong November reading. A contraction in the average work-week or low wage growth could trigger a sell-off in the USDCAD. How will price action react following the release? Today’s fundamental analysis will take a look at price action in both directions.

Canadian employment data will be released simultaneously with the US NFP report. Economists predict a slowdown in the pace of hiring but a robust overall report. The USDCAD is in a waiting pattern inside of a strong horizontal resistance area. The Ivey PMI report may act as a secondary catalyst, but in which direction? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.