The USD/CAD pair has moved to a new high and reached the next technical target at 1.35535 (see, concepts are missing for months). The price has not been above this moving average since August 7, almost a month ago. A break above this level would send traders looking towards its 200-day moving average at 1.35880.
Earlier today, the price broke back above its 100-hour moving average at 1.35172, and buyers took up that level before pushing the price higher. The buyers are making an attempt, but there is work to be done. A move above the 100-bar moving average on the 4-hour chart would give the buyers more confidence in control at least in the near term.
Canada’s jobs report was weaker with the unemployment rate rising to 6.6% from 6.4%. This is the highest rate since 2017, ignoring the 2020/21 Covid period.
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