USD/CAD sees 0.9976 (S1) post-data; may rebound to 1.0112 (R2) on big surprise

USD/CAD is technically poised for a bounce back from current levels just above parity, but given the uncertainty about key data due later in the day, one should also be prepared for a move on the other side, which could easily take the pair to 0.9976 (S1) support.

A better-than-expected jobs data from the US could indirectly help the commodity-driven neighbour currency as well but if the Canadian employment data scheduled 12:00 GMT surprises on the downside, the technical direction will be toward 1.0112 (R2), also keeping in mind a brief stop likely at 1.0075 (R1) on the way.

Trendlines drawn from November 9 lows are forming higher bottoms and relatively less steep crest line, suggesting the pair has an upward technical bias, which will be confirmed by a break above 1.0112 (R2).

Momentum indicators RSI and MACD also suggest a reversal of the current trend on the 1-hour chart.