First move below the 200 day MA since Feb 21
The USDCAD continues to move lower (loonie higher). The US job report wasn't the only surprise. Canada also reported a surprise 500K gain in jobs in May earlier today.
Looking at the daily chart above, the price of the USDCAD moved below its 200 day moving average at 1.3463. Not only that, it moved below the swing high from February 28 at the same level. On March 9, the price gapped above that old high on its way to the 2020 high price of 1.4666..
From a technical perspective, stay below the 200 day moving average at 1.34630 keeps the sellers in control. Move above and there may be some disappointment on the failed break.
On the downside, the low today reached 1.33904. That was just above the swing high going back to September 2019 at 1.33817. The price based near that level as well before the gap higher on March 9.
