USD/CAD technical analysis

The Canadian dollar is sizzling after a jump in jobs and better growth than anticipated.

USD/CAD was testing the October high of 1.2917 over the past day and came just a few pips shy of breaking it. With the 79,500 jobs added in November, the pair plunged down to 1.2782.

As a result, there is a likely double-top on the chart. Initially it could target the Nov low of 1.2666 and a break would signal a move below 1.24.