“¢ Bulls seemed unaffected by a subdued USD price action and took cues from softer oil prices.
“¢ The momentum remains capped/lacks follow-through ahead of the US/Canadian jobs data.
The USD/CAD pair finally broke out of a narrow trading range held since yesterday and spiked to one-week tops, closer to the 1.3400 handle in the last hour.
Having once again failed to find bearish acceptance below 100-day SMA, or sub-1.3300 mark earlier this week, the pair staged a goodish bounce and continued gaining positive for the third consecutive session on Friday.
Bulls seemed unaffected by a subdued US Dollar price-action, rather took cues from a follow-through pullback in crude oil prices, which weighed on the commodity-linked currency – Loonie and provided a minor boost.
This coupled with some short-term trading stops being triggered on a sustained move beyond mid-1.3300s might have further collaborated towards accelerating the intraday positive move over the past hour or so.
The uptick, however, lacked any strong conviction as investors seemed reluctant to place/carry aggressive bets ahead of today’s important release of monthly employment details from the US (NFP) and Canada.
Technical levels to watch
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