The loonie is staying below MA/trend line resistance

The USDCAD jobs data came out mixed - a little good/a little not so good.

The price action went to the downside, and then recovered (weaker CAD). However, the rally back higher did stall at the 200 hour MA and the underside of the broken trend line (see chart above) at 1.28726 (the high reached 1.28738).

The rotation lower has taken the price back below the 1.28525-609 area. That is home to the 38.2% on the hourly and some swing levels.

  • The bears are more in control below the 200 hour MA and broken trend line.
  • The bears would love for the price to remain below the 1.28609 level too.

Those are the technical levels in play, and the bears are more in control. Of course the market can continue to chop too.

ON the downside, the 1.28069 is the 50% of the move up from the end of Feb low. That level is also near the swing low from March 1.