The US and Canada Jobs reports were released simultaneously at 12.30pm GMT. Here is how the numbers played out.
Trade Play: Sell USDCAD
The USDCAD was sold off 1.3339 at news release and is now trading at 1.3183. The next support level lies at 1.3156, which is the 23.6% Fibonacci retracement level from the swing high of March 31 to the swing low of July 18.
If the USDCAD is able to break the support at 1.3156, more downside could follow to 1.3105 (July 18 low).
On the flip side, a failed test of 1.3156 could allow for a pullback to 1.3234 (38.2% Fibo retracement level).