Sun, Apr 02, 2023 @ 06:44 GMT
HomeContributorsTechnical AnalysisUSDCAD Falls Over 150 Pips on Weak US and Upbeat Canada Jobs...

USDCAD Falls Over 150 Pips on Weak US and Upbeat Canada Jobs Data

USDCAD fell to the lowest levels since late Sep 2017, on over 150-pips bearish acceleration after US / Canada jobs data. The greenback came under pressure on US NFP data miss while upbeat Canada employment figures (78.6K new jobs created in December vs 1K f/c) strongly boosted the loonie. Fresh bearish acceleration today is seen as extension of bear-leg from triple-top at 1.2915 zone, which broke below significant support at 1.2387 (Fibo 61.8% of 1.2061/1.2916 ascend and is expected to confirm strong bearish signal on daily close below 1.2387. Extension of bear-leg from 1.2915 lower platform below 1.2387 pivot would open way for full retracement of 1.2061/1.2916 corrective phase in the coming sessions. Meanwhile, bears may take a breather on oversold daily studies, with extended corrective upticks expected to stay capped under daily cloud base (currently at 1.2555).

Res: 1.2432; 1.2488; 1.2513; 1.2555
Sup: 1.2355; 1.2300; 1.2263; 1.2194

Windsor Brokers Ltd
Windsor Brokers Ltd
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