USD/CAD Price Analysis: Seems Vulnerable Near 1.3600 Ahead Of US/Canada Employment

The USD/CAD pair appears to be fragile near monthly low around 1.3620 in Thursday’s European session. The Loonie asset weakens as the US Dollar (USD) faces significant selling pressure after the United States (US) ADP Employment Change data for June showed that the strength in the labor market eases and the ISM Services PMI, in the same period, indicated that the economy outlook has become uncertain.The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, declines to near 105.30.The ADP Employment report showed that labor demand in the private sector unexpectedly decline. Number of individuals hired in private sector were 150K, lower than expectations of 160K and the prior release of 157K. The ISM Services PMI, a measure to activities in service sector that accounts for two-third of the economy, recorded at lowest in four years.Going forward, the US Dollar and the Canadian Dollar (CAD) will dance to the tunes of the official Employment data for June, which will be published on Friday.USD/CAD extends its losing streak for the third trading session on Thursday. The Loonie asset falls into the bearish trajectory after a breakdown of the Symmetrical Triangle formation on a daily timeframe. The above-mentioned chart pattern indicates a sharp volatility contraction and a downside break in the same results in wider bearish ticks and heavy selling volume.The major shifts below the 50-day Exponential Moving Average near 1.3676, suggesting that the near-term trend is bearish.The 14-day Relative Strength Index (RSI) has declined to near 40.00. A decisive break below 60.00 levels would push momentum on the downside.A decisive breakdown below May 3 low around 1.3600 will expose the asset to April 9 low around 1.3547 and the psychological support of 1.3500.On the flip side, a fresh buying opportunity would emerge if the asset breaks above June 11 high near 1.3800. This would drive the asset towards April 17 high at 1.3838, followed by 1 November 2023 high at 1.3900. USD/CAD daily chart More By This Author:EUR/USD Turns Quiet With US NFP And French Elections In Focus EUR/USD Advances As US Dollar Corrects And Eurozone Core Inflation Remains Sticky XAG/USD Jumps Higher Above $30 As Fed Powell Prompts Optimism On Rate Cuts