Topside trend line at 1.3802 now. The lower trend line at 1.3736
The USDCAD is up on the day. The employment report was "meh". The US employment report was good/steady, but wages disappoint. The USD is trying to find it's legs and this pair is no different.
What about crude oil?
WTI crude traded lower earlier in the day and even traded below the next key target at the 44.09 level - reaching a low of $43,76. However, the price has snapped back higher and the price trades near unchanged levels. Bottom in?
The close in the USDCAD was at 1.3746. A move into the red, and the below the lower trend line/100 hour MA at 1.3736 and 1.3715 are the lower hurdles for the pair if there is to be a more meaningful correction in this pair.
The USDCAD has been up 10 straight days (we are in the 11th) and 12 of the last 13 days. The low on April 13 was at 1.3223. The high today reached 1.3743. If this pair is to correct lower, it will probably need help from oil. Oil did fail on the break of the 38.2%. Can it reverse and go lower? Sure. Thankfully for USDCAD traders though, the technical levels are pretty clear with technical levels above and below helping to define risk.
Ivey PMI is out at 10 AM with the last month at 61.1. That data series does tend to whip around.
