Friday's employment numbers showed weaker Canada and stronger US numbers.
The USDCAD's selling continues as the move lower extended toward Friday's pre-employment level of 1.3178.
Recall from Friday US employment statistics came out much stronger than expected while Canadian data for jobs was much weaker than expected.
The combination sent the USDCAD surging higher - for a day. Come Monday, the price retraced around 30.2% of the move up from last week's low. Yesterday, the price action consolidated in an up and down range. Today, the pair fell below its 100 day MA at 1.32296 adn rising 100 hour moving average at 1.3225 and has trended lower and lower.
The low just reached 1.31811. That is within 2 pips of the level just prior to the jobs report releases. The lap up and down is nearly complet
WTI crude oil futures are not necessarily helping the loonie today. Oil prices are lower which can tends to weaken the currency. Overall the US dollar is bit weaker ahead of the Fed decision at 2 PM, with most of the declines versus the AUD, NZD and CAD.
