Quietly wanders higher
The USDCAD reached to the highest level since August 31 on Friday during the employment volatility. US employment was weaker with higher wages. Canada employment was about as expected at 10K vs 12K estimate but lower than the 22.2K from the prior month.
Technically, the price reached a topside trend line and backed off (see upper trend line in the chart above).
The fall has seen the price approach the 100 hour MA (blue line in the chart above) at 1.25174 currently. It got close with a low at 1.25245 today. The pair moved up to a high of 1.2558.
So, we are higher but calling it like it is, the range is 34 pips today. That ain't a lot.
What we as traders in the USDCAD have to focus on is the 100 hour MA. Stay above, let the bullish bias run. Move below (it will also move below the trend line as well) and the buyers are a little less enthusiastic about the prospects, with a fall below the 200 hour MA even more telling (bearishly). The price has not had a closing bar below the 200 hour MA since September 18th.
The reality of the day is Canada is enjoying family on Thanksgiving Day today. The US is partly open (bond market closed) with no economic data or speeches or major news. It does not stop the market from trading. So levels and bias will be eyed. The aforementioned levels keep the bulls more in control until broken.
