USD/CAD Technical Analysis: Bearish target achieved as Greenback collapses below 1.3300 figure on strong Canadian jobs data

Flavio Tosti Independent Analyst

USD/CAD daily chart

USD/CAD is trading in a bull trend above the 200-day simple moving average (SMA).
As forecast, the bearish target at 1.3340 has been achieved.
94.1K new Canadian jobs in November along with surging oil prices and a disappointing US Nonfarm Payrolls was the perfect storm for a selloff on USD/CAD.

USD/CAD 4-hour chart

USD/CAD is now testing the 100 SMA and 1.3260 support.
The bears made a lot of damage and the market might need to correct to the 1.3200 figure.
Technical indicators have turned bearish.

USD/CAD 30-minute chart

USD/CAD broke below the 200 SMA.
There seems to be little hope for a strong bullish recovery suggesting further weakness towards 1.3200 figure in the coming sessions.

Additional key levels

USD/CAD

Overview:
    Today Last Price: 1.3266
    Today Daily change: -1.0e+2 pips
    Today Daily change %: -0.785%
    Today Daily Open: 1.3371
Trends:
    Previous Daily SMA20: 1.3251
    Previous Daily SMA50: 1.312
    Previous Daily SMA100: 1.3084
    Previous Daily SMA200: 1.3013
Levels:
    Previous Daily High: 1.3445
    Previous Daily Low: 1.3352
    Previous Weekly High: 1.336
    Previous Weekly Low: 1.3187
    Previous Monthly High: 1.336
    Previous Monthly Low: 1.3048
    Previous Daily Fibonacci 38.2%: 1.3388
    Previous Daily Fibonacci 61.8%: 1.341
    Previous Daily Pivot Point S1: 1.3334
    Previous Daily Pivot Point S2: 1.3297
    Previous Daily Pivot Point S3: 1.3242
    Previous Daily Pivot Point R1: 1.3426
    Previous Daily Pivot Point R2: 1.3482
    Previous Daily Pivot Point R3: 1.3518

Author

Flavio Tosti

Independent Analyst

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