The market fell in love with the dollar again on Friday but it’s falling out of love just as quickly.
All the non-farm payrolls gains have been erased and more but, importantly, the US dollar is still higher against virtually everything compared to Thursday’s close.
But it’s close right now in EUR/USD. Watch Thursday’s closing level of 1.2675 — a close above could be an early reversal signal. There are sell orders there as well.
EURUSD daily
Same thing in USD/JPY at 108.36.
The big mover is USD/CAD today following the Ivey numbers and strong budget data from the Federal government. It’s completely erased Friday’s gain but It’s still an odd-looking chart. I wouldn’t hit the panic botton on longs unless 1.1071 gives way.
USDCAD daily chart
