100 hour MA at 1.34135
The USDCAD has fallen below its 100 hour MA at 1.34135. That was also the swing low from Thursday last week. The high on Thursday and Friday formed a doublt top at 1.34667. The Canada jobs report was much stronger than expected for the 2nd consecutive month (released on Friday).
Although the price is breaking the rising 100 hour MA, the price action has been confined to at 36 pip trading range. The 22 day average is around 77 pips. The low from Friday was lower at 1.3388 but it did bounce off the lower 100 hour MA at that time. The MA is higher but the "market" is still breaking. The 1.3388 low is the next target below. Below that the 1.33378 will be eyed (38.2% of the move up from the March 1 low).