USDCAD is lower on the day after US/Canada jobs reports but off low support target.

Both the US and Canada jobs reports were released. The US showed stronger job growth in February, but prior months were lowered by -167K. The unemployment rate also rose to 3.9% and wage growth rose by 0.1% which was the lowest in about a year. In Canada, their important statistics were stronger with a gain of 40.7 K. Most of the job gains were in the full-time category (+70.6 K). Part-time jobs fell about -30k.

The USDCAD fell initially but approached a key support swing area between 1.33980 and 1.3414. The low price was 1.34194 before bouncing higher. The swing area will be a level that needs to be broken to increase the bearish bias.

On the top, the broken 38.2% retracement of the range since the November high comes in a 1.3452 and that is close resistance. Above that, the 200-day moving average at 1.34779 cannot be broken if the sellers are to remain in control.

Find out all about it in the video above.

This article was written by Greg Michalowski at Source