Fall on employment, nearly fully retraced
The USDCAD was banging against the 100 hour MA just before their employment release this morning.
The move back higher has taken the pair toward from whence it came – nearly completing a lap (i.e. retrace the entire move lower) of the employment move lower. The move has also led to the 3rd, 4th and 5th test of the 100 hour MA line at the 1.27458. The price has been below that moving average line since a week ago – after the US employment report.