USD/CAD Outlook (10 January 2020)

Overall, USD/CAD is trending downwards. Recently, USD/CAD trended higher, tested but failed to break the key level of 1.31 upwards.
The Canadian employment data will be released later at 2130 (SGT).

Employment Change (Forecast: 24.9K, Previous: -71.2K)
Unemployment Rate (Forecast: 5.8%, Previous: 5.9%)

If the released data is better than forecasted, the Canadian dollar may strengthen.
USD/CAD’s next support level is at 1.29700 and the next resistance level is at 1.31800.
As the U.S. Non-Farm Payroll data will also be released at the same time as the Canadian employment data, wait for the data from both sides to be released and a clear market sentiment before look for trading opportunities of USD/CAD.