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USD/CAD corrective rebound still in place for the time being

On Friday the USD/CAD was not just faced with the latest US jobs report, but one of its own too. The Canadian jobs report was rather mixed, with a drop in full time jobs eclipsing a wage rise above consensus and an underlying rate of unemployment that did not rise as expected and remained steady, at 5.8%. The USD/CAD initially spiked very close to 1.34 (1.3399 the high) on the US and Canadian jobs reports, but then crumbled to a low at 1.3288 after the US ISM report put a spanned in the works for the US dollar. However, it has rebounded off that low since and closed on Friday at 1.3363. The range seen so far today has been covered by 1.3345 to 1.3379. The low seen earlier today clearly found support at the 21 day moving average (right now at 1.3345) and so the overall corrective phase seems to remain intact. Beyond 1.34 itself, the potential first rebound objective remains in place, as it was before, at 1.3453. The USD/CAD is currently trading at 1.3367
 

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