The Canada jobs report came in more or less as expected. However, the US jobs report was stronger. That has the US dollar higher, including the USDCAD. However, traders are running into swing area resistance defined by recent highs from the last three trading weeks. Those highs come between 1.3733 and 1.3742.
It will take a move above those levels to increase the bullish bias for the pair going forward.
Earlier this week, the Bank of Canada lowered rates by 25 basis points. With the stronger US jobs report, traders are pushing the next cut further out. The chance of a cut in November is down to 68% now
This article was written by Greg Michalowski at www.forexlive.com.
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