USDCAD rose Friday after a stronger U.S. jobs report and weaker employment in Canada. This upward move took the pair above a key swing zone between 1.36049 and 1.36269. The price high reached 1.36468 and returned lower, again into and through the swing zone. The buyers had their chance. They missed.
Today, the price rose at the start of the Asian session and returned to the swing zone, but stopped near the middle of this range and returned to the downside. Sellers pushed the pair back towards the ascending 100-bar moving average on the 4-hour chart at 1.35587. The 200-bar moving average on the 4-hour chart is below that at 1.3539. Going forward, it would take a move below both to increase the bearish bias.
SO:
- Resistance between swing zone at 1.36049 and 1.36269
- Support at 4-hour MAs between 1.3558 and 1.3539.
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