AUDCAD Slips Overnight, Aussie Jobs Fall Short of Expectations

AUDCAD Slips Overnight, Aussie Jobs Fall Short of Expectations

AUDCAD encountered firm resistance near the 0.8930 zone, triggering a sharp overnight drop of nearly 50 pips. This move followed softer-than-expected Australian employment data for May, where total jobs unexpectedly declined by 2,500—well below the forecast of a 22,500 increase. Despite the miss, the unemployment rate held steady at 4.1%, unchanged for over a year.

Following this initial drop, the pair may enter a short consolidation phase before resuming its bearish trajectory, as technical patterns suggest continued downside pressure.

🎯 Key downside targets: 0.8845, 0.8825, and 0.8805

You may find more details in the chart!
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