The USDCAD moved higher after the US jobs report came in better than expected while the Canada jobs report was weaker than expected.
The price of the pair extended to 1.3034 on the spike higher but has since rotated back lower and is trading to a new session low as the London fix approached. The low price just reached 1.29388 so far.
Looking at the hourly chart, the price has moved below the 50% midpoint of the move up from the June 28 low. That level comes in at 1.29506. Stay below is more bearish. Move above and we could see some rotation back to the upside intraday.
On the downside, the rising 200 hour moving average at 1.29318 is the next downside target. Get below that level and the sellers increase the bearish bias..
This article was originally published by Forexlive.com. Read the original article here.