USDCAD tumbles after better than expected jobs report

Technical Analysis

Author: Greg Michalowski | usdcad

Tests the lows of October

The USDCAD has tumbled lower on the back of the much better-than-expected employment report (full-time jobs soar, and the unemployment rate dips to 5.5% from 5.7%).  

Tests the lows of October

Technically the price has moved to and through the 100 day moving average at 1.3232 and move down to a low price of 1.3211. That is just above the lows from October 1 and October 2 at 1.32087 and 1.32052 respectively.  A move below each would be more bearish for the pair.

Taking a look at the daily chart, the pair dipped below a trendline at the 1.32157 but has moved just above that on the rebound against the October lows.  Get below it and the October lows will have the traders looking toward the 50% retracement of the move up from the July low at 1.31984.

USDCAD on the daily chart

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