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.