USDCAD bulls battle 1.2545-50 key hurdle, Canada employment eyed
USDCAD struggles to defend a four-day uptrend ahead of the monthly employment data for Canada. The Loonie pair currently pokes a confluence of 61.8% Fibonacci retracement and an ascending trend line from early May. That said, the pair pierced the 1.2545-50 key hurdle the previous day but couldn’t stay beyond the same on daily closing amid overbought RSI conditions. The same suggests further hardships for the bulls targeting the 1.2645-50 resistance area including March top and 200-DMA.
Meanwhile, pullback moves remain less grim until staying beyond June’s top of 1.2486. Also acting as the nearby important support is a 50% Fibonacci retracement level close to 1.2440. It should, however, be noted that a daily closing below 1.2440 will open the doors for USDCAD bears to challenge the monthly low of 1.2302. Overall, bulls seem tired and bears can take risky entries but it all depends upon today’s Canadian jobs report.
Meanwhile, pullback moves remain less grim until staying beyond June’s top of 1.2486. Also acting as the nearby important support is a 50% Fibonacci retracement level close to 1.2440. It should, however, be noted that a daily closing below 1.2440 will open the doors for USDCAD bears to challenge the monthly low of 1.2302. Overall, bulls seem tired and bears can take risky entries but it all depends upon today’s Canadian jobs report.