The USD/CAD rises in the North American session after touching a daily low at 1.3311 before the opening of Wall Street. However, the strong US jobs report strengthened the dollar, the strongest currency in the foreign exchange market. At the time of writing, the USD/CAD pair is trading at 1.3402.
From a technical point of view, the USD/CAD continues to have a neutral bullish bias, although it did pick up some resistance levels after testing the 200 day EMA a couple of days ago. On its way north, the USD/CAD pair conquered a bullish support trend line that was broken on January 31, which means that the uptrend could resume shortly.
Therefore, the next resistance for USD/CAD would be the 50-day EMA at 1.3443. Break above, and the USD/CAD pair would recapture the daily high from Jan 31 at 1.3471, followed by 1.3500.
As an alternate scenario, USD/CAD first support would be 1.3400. Once broken, USD/CAD could test the 20-day EMA at 1.3388, followed by a downtrend line becoming support at 1.3355-65, and then the psychological level of 1.3300.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
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