The USDCAD has moved to a new high and reach the next technical target at 1.35535 (see, mom months absent concepts and). THe price has not been above that moving average since August 7 nearly one month ago. A break above that level would have traders looking toward its 200-day moving average of 1.35880.
Earlier today, the price broke back above its 100-hour moving average 1.35172, and the buyers did lean against that level before taking the price higher. Buyers are making a play, with work to do. A move above the 100 bar moving average on the 4-hour chart would give the buyers more confidence in control at least in the short-term.
The Canada jobs report was weaker with the unemployment rate climbing to 6.6% from 6.4%. That is the highest rate on back to 2017 ignoring the 2020/2021 Covid. period.
This article was written by Greg Michalowski at www.forexlive.com.