Today, Employment Data was released for both USD and CAD and the results showed themselves as a Breakout of an Inverse Cup and Handle Pattern on the Daily, lets break it down!

USDCAD was finding Support in the 1.4000 area and with the 23K job loss for USD and almost 60K job increase for CAD, we can see price finally broke down through this Support Zone, confirming the Cup and Handle Pattern.
- This will put the Federal Reserve in a position to Hold rates longer instead of a Hike.

Now we can see the decline in price seems to be slowing down, so we should expect price to make a Retracement back to the Breakout of the Cup and Handle for a Retest!

If successful, price could continue falling further and based on the Extension Measurement of the Cup, price could look to find Support around 1.3780 - 1.3750.