The Canadian dollar surged after a blowout jobs report fuelled speculation about further tightening. The recent consolidation has failed to secure a foothold above 1.3370, which has turned into a fresh resistance. This suggests that despite multiple tests, 1.3470, right under the daily resistance of 1.3520 may continue to keep the greenback in check. Looking at the bigger picture, the pair is still in a descending triangle on the daily chart and 1.3260 at the lower boundary is a major level to keep the pattern intact.
