Technical Analysis – USDCAD gets hammered after NFP miss
November 3, 2023 2:28 pmVideo
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USDCAD plummets on the back of disappointing NFP data
Negative sentiment strengthens; eyes on 1.3680
USDCAD extended Thursday’s freefall below its 20-day simple moving average (SMA) and the 1.3700 round level after US employment growth clocked in lower at 150k than analysts expected.
Technically, the short-term bias is leaning on the bearish side as the RSI is set to cross below the 50 neutral mark and the MACD is decelerating below its red signal. Yet, there are a couple of support levels which could calm selling impulses.
The long-term falling constraining line from the 2020 top could immediately provide a safety net slightly lower at 1.3680. If that floor cracks, the 50-day simple moving average (SMA) could come to the rescue at 1.3630. Should the bears breach that base too, all the attention will turn to the 2023 support trendline at 1.3580. The 200-day SMA at 1.3495 could next come into view.
On the upside, buyers would like to see a bounce back above the 20-day SMA at 1.3730 before targeting October’s ceiling of 1.3840-1.3860. A decisive close higher could be the prerequisite for an exciting rally towards the 2022 top of 1.3976.
Overall, USDCAD could remain exposed to selling interest in the short-term picture, but only a drop below the 1.3590 level would signal a bearish trend reversal.
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