USDCAD waffles above its 200 hour MA

Technical Analysis

Author: Greg Michalowski | usdcad

Up down since the morning employment reports

The US was not the only country to report unemployment statistics. 

In Canada, after string of 6 months of employment gains and two months where gains were an oversized 66.8K and 55.9k (in November the gain was 78.4K as well), the jobs numbers showed a decline of -7.2K in March.  That is also more congruent with other numbers from economic activity. 

The price of the USDCAD initially moved lower (wage data in the US sent the price lower), but was quickly reversed. In the process, the price moved above the 200 hour MA at 1.33673.  The high stalled near the 1.3400 level (high reached 1.3402). Since then, the price has waffled between the 200 hour MA below at the 1.33673 level and the 1.3400 level above (more recently the 61.8% at 1.3391 has been a ceiling).  There have been lots of up and down chop in the process.

So...buyers and sellers battle it out as the final hours of the week play out.

PS in the crude oil market, prices are higher by $0.55 or 0.89% at $62.65. The high for the ay reached $62.79. The low extended to $61.82.  

PSS the White House is plannning an Executive Order which aims to boost pipelines construction and lower energy prices. Lower oil prices tend to boost the USDCAD

USDCAD has moved higher after the weaker Canadian employment report
Baker Hughes rig count data for the current week is due at the top of the hour. Last week:
  • oil rigs, 816
  • gas rigs, 190
  • total rig count 1006
The total rig count has been on a downward trajectory since peaking at the beginning of January.

Baker Hughes Rig count has been on a downward trajectory since peaking in January

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