USDCAD tumbles on its strong report

Technical Analysis

Author: Greg Michalowski | usdcad

Falls to week's midpoint and MA levels

The USDCAD was on the weak train this week, but the much stronger jobs report out of Canada has the traders scratching their heads (wonder what the BOC members are thinking?).  

The price decline has taken the price to the 50% and the 100 and 200 hour MAs at 1.3290-1.3304 area (low just below that area).  The price has paused but the rally is not really running much to the upside. I would think that the traders short would get concerned on a move above 1.33356 now (38.2% and near the high from November 30

The bears are pushing against the dip buyers at support, but the bias with the jobs fundamentals point lower.


PS oil is higher (helpful to the CAD usually) after the OPEC production cuts. WTI crude is up about $2.50  or 5.03% at $54.04.

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