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The Canadian jobs data was stronger that expectations and that sent the USDCAD to new lows going back to Tuesday’s trade. However, the price bounced higher after trading at 1.40546 twice (double bottom). The October 14 high at 1.4079 was broken in the bounce, but quickly failed. That level is now close resistance for traders looking for more downside momentum. If the sellers are to take more control, getting below a swing area between 1.4060 to 1.4066 would be the next downside target. If broken the 38.2% of the move up from the Octoebr low at 1.4043 and the rising 200 hour MA at 1.40347 become the next targets that the sellers will need to get and stay below to take back more control. The video above outlines the technicals and the reviews the key levels in play.
This article was written by Adam Button at investinglive.com.
đź’ˇ DMK Insight
The stronger-than-expected Canadian jobs data is shaking up the USDCAD, and here’s why that matters right now: With the USDCAD hitting new lows at 1.40546, the double bottom pattern suggests a potential reversal, but the failure to hold above the October 14 high of 1.4079 raises concerns. Traders should be cautious, as this bounce could be a short-lived reaction rather than a sustained recovery. The broader context of economic indicators, including inflation and interest rates, will play a crucial role in determining the next moves. If the USDCAD can reclaim and hold above 1.4079, it could signal a bullish trend, but a drop below the recent lows might trigger further selling pressure. Keep an eye on correlated assets like oil, as fluctuations in crude prices often impact the CAD due to Canada’s heavy reliance on oil exports. Watch for volatility in the coming days as traders react to this data and adjust their positions accordingly.
đź“® Takeaway
Monitor the USDCAD closely; a sustained break above 1.4079 could indicate a bullish reversal, while failure to hold may lead to further declines.
