HomeContributorsTechnical AnalysisLoonie Rallied Strongly after Upbeat Canadian GDP/Jobs Data

Loonie Rallied Strongly after Upbeat Canadian GDP/Jobs Data

Canadian dollar surged against US dollar on Friday and hit three-day low, driven by upbeat domestic GDP and jobs data.

Fresh acceleration retraced over 61.8% of USDCAD’s four-day rally which commenced from 1.2680 (Monday’s low) and hit the highest at 1.2909 on Thursday.

Canada’s economy grew at annualized rate of 1.7% in the third quarter, beating forecast at 1.6%, while economy added 79.5K new jobs in November well above forecasted 10K and jobless rate fell to 5.9% in November from 6.3% in October and 6.2% consensus.

Fresh fall weakened pair’s bullish structure which strengthened on acceleration from double-top at 1.2670 zone.

Recovery stall on approach to key 1.2916 barrier and subsequent fall turned near-term bias lower, with close below cracked Fibo 61.8% support at 1.2761, needed to confirm bearish stance and open way for retest of 1.2670 higher base.

Res: 1.2782; 1.2820; 1.2855; 1.2909
Sup: 1.2740; 1.2670; 1.2653; 1.2624

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Featured Analysis

Learn Forex Trading