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USD/CAD edges below technical support
As covered here on Friday afternoon, the latest Canadian jobs data seemed to inspire little reaction in the USD/CAD. It was trading around 1.3740 ahead of the data and remained camped not far removed from that level for some while afterwards. The jobs data was rather mixed in terms of the payroll count, but on balance it was more positive than negative with a sizeable gain in full-time jobs and no rise in the level of unemployment, remaining at 6.4%. Well, eventually the USD/CAD leaked a little lower into the US close, ending that session at 1.3730. The US dollar has edged lower again today, but in truth the price action is pedestrian at best. However, the USD/CAD has now slipped below its 50 day moving average. That is in place right now at 1.3724 and it has been guarding the downside since July 19. Beyond 1.3719 lies the 100 day moving average, now at 1.3693. The low seen this morning has been set at 1.3719. The USD/CAD is currently trading at 1.3721
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