No competition from US on their unemployment day. Strong job growth. Lower employment rate.
The better than expected Canadian employment data has sent the USDCAD tumbling lower. The move lower has taken the pair toward the series of swing lows going back to last Friday , and also to the underside of the broken trendline (see hourly chart below). That support comes in around the 1.3000 level. Needless to say a break and run will now be eyed.
Look for corrections to find sellers in the 1.3028 area. This is the 38.2 of the last trend move lower. The high correction price after the 1st minute moved to 1.3031. A move above 1.30388 level would raise a lot of eyebrows and could see shorts giving up.
