Technical Analysis

USDCAD trade lower after the dual jobs reports

Canada jobs report better. US jobs report worse. USDCAD moves lower

The combination of a stronger Canada jobs report any weaker US report has the USDCAD moving to the downside (lower dollar/higher CAD) as you would expect.

Looking at the daily chart, the price has moved below its 200 day moving average at 1.25117, but still remains above its 100 day moving average at 1.24801. 

Swing lows going back to August come in between 1.24739 and 1.24914. The low price has reached 1.2489 (so far) between those swing levels. The 50% of the move up from the June 1 low comes in at 1.24772. So overall the area between 1.24772 and  1.25117 remains a key target area for the pair. With the price between the levels, there is some thing for both dip buyers against the 1.24772 level and sellers against the 200 day moving average at 1.25117 (close risk).

Invest in yourself. See our forex education hub.

Articles You May Like

Kohl’s cuts guidance, blaming inflation for softer sales from middle-income shoppers
Gold flat as investors await cues from Fed minutes
USD/INR Price News: Golden cross teases Indian rupee bears above 79.50, Fed Minutes eyed
NZD/USD Price Analysis: Reverses 50-SMA breakout as RBNZ’s Orr appears less hawkish
Canada CPI to edge lower to 7.8% in July – TDS

Leave a Reply

Your email address will not be published.