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Rally Hits Reverse as NFP Short of Forecast

USDCAD TECHS
  • RES 4: 1.3449 61.8% retracement of the May 26 - Jun 27 downleg
  • RES 3: 1.3427 High Jun 7
  • RES 2: 1.3401 50-dma
  • RES 1: 1.3386 50.0% retracement of the May 26 - Jun 27 downleg
  • PRICE: 1.3297 @ 16:16 BST Jul 7
  • SUP 1: 1.3280 20-day EMA
  • SUP 2: 1.3203 Low Jul 4 and a key short-term support
  • SUP 3: 1.3117 Low Jun 27 and the bear trigger
  • SUP 4: 1.3084 1.618 proj of the Apr 28 - May 8 - May 26 price swing

The Thursday rally in USD/CAD hit reverse Friday, as a poorer-than-expected US jobs data dented the greenback. This reverses any bullish signal emanating from the break of resistance at the 20- and 50-day EMAs earlier in the week, with the pair more neutral into the end of the week. This confirms the view that the latest recovery had been corrective in nature, refocusing markets on Initial key short-term support at 1.3203, the Jul 4 low.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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