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USDCAD retracing more of the employment tumble

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The big job gain from Friday is a memory

The Canada job data on Friday came in much stronger than expected with employment change showing a 94K addition (vs 10K estimate). The USDCAD tumbled lower reaching 1.3253 (from 1.3382 just before the report).  

The price today opened higher, moved immediately lower and in the process tested the 200 hour MA (green line). That MA stalled the fall and the price has ticked higher since that successful test.
The price has moved above the 100 hour MA (blue line) in the NA session, and on the break, has moved up to test the November 28th high at 1.33582. Should there be a move above that level, the pair will be looking toward the pre-employment level at 1.3382.
Last week, the BOC was more dovish. The employment report put into question that assessment, but the fall found buyers and technicals seem to have taken over today.  Risk comes in at the 100 hour MA (it is also the 38.2% of the move up from the December low).  If there is a break of the 1.3358 area with momentum, look for the traders to remember the 1.3382 start line from Friday.  


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