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USDCAD moves higher ahead of the jobs report tomorrow
The USDCAD moved above its 100 hour MA in the late US morning, after successfully testing it in the London morning session and falling back to the 200 hour MA (green line). The holding of that 200 hour MA was the go-ahead to push back higher.
Breaking the 100 hour MA opened the door for the buyers to jump in.
The price has since moved to a new session high and is getting closer to the recent highs between 1.3468 and 1.3473. The 50% retracement of the 2023 range is between those swing high at 1.34729. Get and stay above that area would open the door more for the buyers.
US yields have reversed higher helping to support the USD.
The Canada jobs report will be released tomorrow at 8:30 AM . The expectations are for new jobs to total 15K. That is down from the shocking rise of 104K last month.
The BOC hiked rates by 25 basis points on January 25 and announced a conditional pause in hikes. The jobs report is a “condition”. It is not all but it is one.