USD/CAD bounces higher after some strengthening on Friday following a stronger than expected Canadian jobs report. Technically, the price has moved into the swing zone between 1.3784 and 1.38036 (see red numbered circles on the chart below).
That zone goes back to April 2024. The price also moved away from the swing zone between 1.3753 and 1.3764 and also the 61.8% retracement of the move down from the August high of 1.37454.
All of these levels must be broken on the downside for the trend to lose some of its momentum. In the absence of this downward advance, buyers remain more in control and the trend continues (which is fast, directional, and goes beyond expectations).
Don’t mess with the trends and since October 2nd when the price bottomed at 1.3472. Since then, the price has moved to today’s high of 1.3800, over 8 trading days. Not a bad move in a short period of time.
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