US NFP (May): 280KForecast: 222KPrevious 221KUnemployment Rate (May): 5.5%Forecast: 5.4%Previous: 5.4%Average Hourly Earnings (May): 0.3%Forecast: 0.2%Previous: 0.1% US data was pretty decent today. This is the type of improvement that the FOMC is looking for in order to justify a rate hike in September. We saw more jobs added in May. The unemployment rate did edge higher, which might seem contradictory. But this can happen when more people are looking for jobs. With the participation rate near record low as of late, we should not be alarmed if the unemployment rate rises slightly due to a more people looking for jobs. This combination is actually a sign that the economy is looking up. On top of that, average hourly earnings rose 0.3%, which was stronger than forecast and the previous print. On top of job numbers, the FOMC is also looking for wage growth, which the hour earnings data shows. CAN Employment Change (May): 58.9KForecast: 10.2KPrevious: -19.7KUnemployment Rate: 6.8%Forecast: 6.8%Previous: 6.8%Canada's jobs data was much better than expected. The 58.9K reading was the highest this year. However, Canada's job growth has been less consistent as the US's. So the market might not be as impressed by sharp rebound in Canadian jobs data as it would be impressed by the trend of US job growth.USD/CAD 4H Chart 6/5 (click to enlarge)The USD/CAD charts shows that the market is essentially undecided in the 4 hours after the jobs data releases. I contended that the market should be more impressed with the US data. Basically I meant I expect the USD/CAD to be bullish after today's data points. However, if price can not push above 1.2560 by the end of this Friday (6/5) session, we have to be prepared for a dip towards the 1.2367 low next week. Then, a break below 1.2365 would complete a double top and open up a bearish outlook first towards the 1.2150-1.22 area. If USD/CAD climbs above 1.2560, it would represent continuation of a prevailing uptrend and would have a bullish target in the high on the year just above 1.28.