The Canadian dollar softened after weaker-than-expected jobs data. The US dollar has been resilient despite its break below the daily support at 1.2480. This suggests that the pair is still in a consolidation phase. 1.2770 saw strong buying interest and a close above 1.2900 on the 30-day moving average prompted sellers to cover their bets, easing the downward pressure. A break above 1.3000 may help the bulls regain control, paving the way for a rally towards 1.3200. The former resistance at 1.2880 has become a fresh support.
