Canada added only 200 jobs to the economy in July, which drastically missed forecasts around 25.4K. This follows a loss of 9.4K jobs in June. As you can see from the historic chart, employment change seems to be leveling out in the past few months. Employment flattening: (source: Statistics Canada)The unemployment rate dropped to 7.0% fro 7.1% due to a decline in those searching for jobs. The USD/CAD rallied immediately after the release, engulfing the previous sessions of consolidation price action. As price bounces off the 200-hour SMA and pushes above the 100-, and 50-hour SMAs, the USD/CAD is signaling bullish continuation.USD/CAD Reaction: (USD/CAD 1H Chart)When you look at the daily chart, you can see that a break above this week's high of 1.0986 would open up April's highs around 1.1050. (USD/CAD Daily Chart)At this point, only a break below 1.09 should signal a shift away from the bullish trend into a consolidation mode.