The USD/CAD pair hit its lowest level since June 3 earlier today, testing the lower low at 1.35972. The 200-day moving average was just below that level at 1.35953. Today’s low was at 1.3601 as buyers/profit-takers took advantage of the swing area.
The combination of US and Canadian jobs data pushed the price higher, moving away from the above mentioned swing area. The price also moved above its 100-day moving average at 1.3634. The high price reached 1.36523.
Buyers are making an attempt. The question is can they maintain this momentum?
Near-term support is the 100-day moving average. More conservative support will be against the swing zone between 1.3597 and 1.36154.
The price action has also strengthened the swing area below. With the 200-day moving average approaching the low of that swing area, it also increases the importance of the area. These small points are important for both buyers and sellers going forward.