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USDCAD bounces back despite strong jobs report.  Techniques in play

The 200-hour moving average blocked the fall

The employment report in Canada was remarkable with a job change of 153.7K much higher than expectations of 35K. The unemployment rate fell to 6.0% from 6.7%. The job gains were distributed between full-time and part-time employees.

The USDCAD fell sharply from the initial report, but stalled just off its 200 hour moving average of 1.27423. The low price reached 1.27428.

The inability to break below the 200 hour moving average and buying USD (EURUSD and GBPUSD hit new lows) also pushed USDCAD price down. The pair is now trading above its 100 hour moving average at 1.27845. This tilts the bias more upward. Traders watch this moving average for closing risk.


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