DailyBubble News
DailyBubble News

USDCAD bounces back higher after sellers had their shot and missed after the softer jobs.

The USDCAD saw a decline following a weaker-than-expected US jobs report, but found support around the 1.36049 to 1.36154 range. The price then started to climb back up, surpassing the 50% midpoint of the April trading range at 1.3661. This upward movement disappointed sellers and led to increased momentum towards the 200-hour moving average at 1.36914, which acted as a resistance level.

Support held steady around 1.3605 – 1.36154, while resistance was encountered at the 200-hour moving average at 1.36914. To regain control, sellers would need to break below the 50% retracement level and potentially retest the old ceiling/new floor near 1.3610. On the other hand, buyers must maintain above the midpoint level and successfully surpass the 200-hour moving average to strengthen their bullish stance.

Overall, the USDCAD continues to show potential for both upward and downward movements, depending on the ability of buyers and sellers to control key levels.

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