Looks toward 200 hour MA
The USDCAD has seen a bit of a delayed reaction after the weaker than expected building permits (-7.5% vs -1.0% estimate).
The move to the upside has taken the price to new session highs and above the 1.24807 level which was the low on the Canada employment day BEFORE the much better jobs report. That level stalled the rally yesterday. However the rally does have the 200 hour MA at 1.24954 as a hurdle to get too an through for a more bullish technical picture. The USDCAD has not traded above the 200 day MA since December 20. Be aware.
