USDCAD jumps after net employment change disappoints

Technical Analysis

Author: Greg Michalowski | usdcad

The USDCAD price runs away from the 100 day moving average

The Canada employment report was weaker than expected after 2 months of solid gains. The USDCAD has moved higher in response. 

The USDCAD price runs away from the 100 day moving average_

Technically the price has moved away from its 100 day moving average at the 1.3193 level. The price was trading at 1.32000 just before the report.

The high has reached up to 1.3230 which is the 61.8% retracement of the move down from the October high to the October low.

Drilling to the hourly chart below, the price rise also extended above the October 30 high at 1.32076. That is now close risk for the buyers. The 61.8% at 1.3229 up to the 1.32387 is risk area now.  That is holding resistance so far.  

USDCAD on the hourly chart

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