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USD/CAD reverses technical break as risk favours US dollar rebound
Yesterday afternoon, as noted here at the time, the USD/CAD seemed to trip stops and entice robots into selling when the US dollar broke below its 200 day moving average (then at 1.3503). The fall extended to 1.3478 and right then the US dollar looked set for a technically negative close, below its 200 day moving average. Well, that did not happen and the risk led rush back to the dollar saw the USD/CAD jump back above the 200 day moving average (now at 1.3504) and later close at 1.3540. Now, later today we get both the US and Canadian monthly jobs reports released simultaneously at 1.30pm GMT. There will be more to add on that later this morning. Meantime, the rebound in the USD/CAD has extended to a high so far today, at 1.3578. It is just now trading at 1.3568
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