CAD moves higher on stronger jobs there
The US dollar is leaning a little to the upside after the US employment report came in pretty much as expected with hourly earnings a touch higher. The jobs gain is good enough for the Fed to continue to be in the picture. The Fed is projected to hike rates 3 times in 2017.
For the EURUSD the price has just moved below the 200 bar MA on the 4 hour chart at the 1.05549 level. Staying below that line would be more bearish for the pair. with the 1.0517-21 the next target area. The 100 hour MA at 1.0499 now would be another target with 1.0479 where the 200 hour MA and the 100 bar MA on the 4-hour chart are both converged. Staying below that 100 bar MA at 1.0555 level will be eyed. Traders will not be happy on a move much above that level.
For the USDJPY, the price is trading at new session highs and looks toward a cluster of MAs at the 116.93 to 117.04 area. The 100 hour MA is at 116.93, the 200 hour MA is at 117.03 and the 100 bar MA on the 4-hour chart is at 117.035. Close risk? The 116.38 was the high from the early European morning session. A move below that level and buyers might become a bit frustrated and look to push the price back toward the 116.18 area.
I cannot say that the momentum is all that great in each of these pairs. The dollar buyers are trying to push the bias but the action is still fairly contained.
In the USDCAD, the better jobs data pushed that pair lower but that pair has bounced back higher as the USD got a little stronger.
