Technical Analysis

USDCAD rebounds despite the strong jobs report. Technicals in play

200 hour moving average stalled the fall

The Canadian job report was stellar with a employment change of 153.7K much higher than the expectations of 35K. The unemployment rate tumbled to 6.0% from 6.7%. Job gains were split between full-time and part-time employees.

The USDCAD move down sharply off the initial report, but stalled right near its 200 hour moving average 1.27423. The low price reached 1.27428.

The inability to move below the 200 hour moving average, and USD buying (EURUSD and GBPUSD are making new lows), has push the price back higher in the USDCAD as well. The pair now and trades back above its 100 hour moving average 1.27845.   That tilt the bias more to the upside. Traders watch that moving average for close risk.

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