Moves higher going nowhere
The USDCAD moved off a low on Friday (after dipping below a lower trend line) and in the process moved above the 100 hour MA. However, the rally stalled ahead of the falling 200 hour MA. Since that high on Monday, the highs have been lower and a topside trend line has also stalled the rallies (red numberered circles).
The pair is approaching the low from Friday at 1.3059.
Looking at the daily chart, in addition to the low from last Friday, the pair is testing the low from Feb 1 at 1.3068. Needless to say, a break of the low from last week and Feb 1 low, is key for buyers and sellers. Breaking opens up the road for more downside momentum. Be aware....
Crude oil prices are higher today and may be giving the sellers in the USDCAD (higher CAD) some juice for more selling.
Jobs in Canada will be released on Friday along with the US employment statistics. The last two months have seen better than expected gains in jobs. The estimate is +10K.
