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 on the 4 hour chart at 1.3005 and the 1.3022 level (61.8% of the move down – see chart above).