USD/CAD rises above resistance
The enthusiasm for the Canadian dollar after last week's jobs report is continuing to fade.
The pair is at the best levels of the day, up 35 pips to 1.2454. The latest climb has inched above the earlier high today and yesterday's high; both near 1.2450. The 61.8% retracement of the jobs drop has also given way.
It all adds up to a bullish technical development and a sign that the 89.7% probability of a hike next week has given the market some jitters.
For more see: One economist thinks everyone 'wildly overreacted' to the Canadian jobs report
