USDCAD moves sharply lower after the stronger employment stats

Technical Analysis

Author: Greg Michalowski | usdcad

The lows from May 3 and May 7 taken out at 1.3405

The USDCAD fell sharply after the better than expected Canadian employment numbers. The prices move below the low for the week at 1.34053. That was also the flow from last Friday.  

The next stops are at 1.3391 and then the low for the month from May 1 at 1.3376.

The lows from May 3 and May 7 taken out at 1.3405
Taking a broader look at the daily chart, if the May lows are broken at 1.33765, the next target is the 38.2% of the move up from the January 31 low, trend line and 100 day MA at 1.3342-47.  The cluster of levels in that area would make for a stout target. 

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