The USDCAD moved higher on Friday helped by weaker Canadian jobs report. The unemployment rate rose from 6.4% to 6.6%. That took the rate to the highest level since 2017 if you exclude the Covid spike from 2020/2021.
Looking at the USDCAD, it moved above its 100 bar moving average on the 4-hour chart on Friday. Today in the Asian session, the price dipped down to retest that moving average, only to find willing buyers. Bullish.
The price has drifted higher with new highs being made over the last few hours of trading. The 100-bar moving average comes in at 1.35447, and that remains the support/risk level for buyers.
On the top side, the 200-day moving average of 1.35882 is the next key target followed by a swing area between 1.3597 and 1.36154. Above that is the 38.2% retracement of the move down from the August high. That is the minimum retracement that needs to be broken to show that the buyers are serious. The 38.2% retracement comes in at 1.3633.
This article was written by Greg Michalowski at www.forexlive.com.
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