The Canada employment report showed a 35.4 K job increase vs. -11.3 K the prior month. The mix of employment was not so great with -11.8 K full-time and +47.2 K part-time. The participation rate remained steady at 65.7%.
USDCAD is trading in a range using the 100 hour MA and resistance.
From a technical perspective the USDCAD has had a up-and-down trading session.
On the downside, the prices has been contained by an old trend line (connecting December 1 December 15 highs on the hourly chart). There also are a series of lows in this area (see yellow area in the chart above). The 38.2% of the move up from the Jan 15 low has held support in the current hourly bar. Is that a bullish sign? Traders may start to use the level to lean against (define risk).
On topside, the 100 hour moving average (blue line in the chart above), comes in at the 1.2504 level. The high price has stalled at 1.2498 – 6 pips short of that target. Above that level, the 200 hour moving average (green line in the chart above) should attract interest. That level comes in at the 1.25311. If the bias is to turn more bullish in the USDCAD this level has to be broken (and stayed above).