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The USDCAD moves to the upside after better (?) employment...

Discussion in 'Technical Analysis' started by ForexLive, Sep 9, 2016.

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
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    Initial fall reversed The Canada employment report came in a little better than expected at 26.2K jobs vs 14.0K. The initial reaction was to the downside with the price moving to 1.2939, but there has been a snap back rally that has now taken the price above the 200 hour MA at the 1.2983 level. It has also moved above the 50% of the move down from the Sept 1 high to the low on September 7th.. That also comes in at 1.2983. As a result, the technical picture is more bullish as a result with the next target at the 200 bar MA ont eh 4 hour chart at 1.3005 and the 1.3022 level (61.8% of the move down - see chart above).

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