USDCAD Technicals. The USDCAD moves lower after stronger jobs data but bounces. What next?

The Canadian jobs data was stronger that expectations and that sent the USDCAD to new lows going back to Tuesday’s trade. However, the price bounced higher after trading at 1.40546 twice (double bottom).

The October 14 high at 1.4079 was broken in the bounce, but quickly failed. That level is now close resistance for traders looking for more downside momentum.

If the sellers are to take more control, getting below a swing area between 1.4060 to 1.4066 would be the next downside target. If broken the 38.2% of the move up from the Octoebr low at 1.4043 and the rising 200 hour MA at 1.40347 become the next targets that the sellers will need to get and stay below to take back more control.

The video above outlines the technicals and the reviews the key levels in play.