USDCAD remains under pressure despite post-jobs spike ...Middle East

Following the release of the strong US jobs report, the pair spiked higher, but the rally stalled near 1.3617—the low from last week—and topped out at 1.3623, still shy of the key 100-hour MA (blue line at 1.3636). The inability to break through that dynamic resistance level once again emphasizes how important it is for buyers to reclaim and hold above that MA if they want to shift momentum.

As of now, the price is trading back below Tuesday’s low at 1.3591, and sellers are once again pressuring the session lows. The overall price action is disappointing for USD bulls, highlighting the ongoing control sellers maintain over the USDCAD pair. Without a clear break above the 100-hour MA, the bias remains tilted to the downside.

This article was written by Greg Michalowski at www.forexlive.com.

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