200 bar MA on 4-hour chart (and recent lows) should provide some support.
The USDCAD has made new session lows as oil price make new session highs.
Crude oil futures extended to a new session high at $41.96. The low for the day is $40.43.
Technically, the USDCAD fell below support at the 1.3022-265 area but has additional support not far behind against the 200 bar moving average on the 4-hour chart at 1.30097. The low for the week came in at 1.3004 on Tuesday. I would expect dip pickers against that level with stops on a break below.
Tomorrow we not only have the US employment report but also the Canadian employment report. Typically (although not always), the market will follow the lead of the US numbers when both are released at the same time. ALthough there could be a push-me/pull-me volatility if the two numbers are at odds with each other. So trading in the pair, up until the release, could be influenced by trading flows.
New lows being printed now. Look for those dip buyers with risk limited to step in. PS AUDUSD also near new highs.
