USD/CAD falls to retracement target from the recent rally

Technical Analysis

USD/CAD touches the 38.2% Fibonacci level

The January jobs report left a big dent in the February USD/CAD trade. The pair gave back 38.2% of the rally in one quick move after yet-another extremely strong jobs report.

The pair fell to 1.3233 from 1.3329 at the high in Asian trading but has since bounced to 1.3256.

That shows that the bulls are in control but much is going to be depend on oil. It’s up 25-cents to $52.90 and trading at a session high.

If USD/CAD swings lower again, the 100-dma is at 1.3223 followed by the 50% retracement at 1.3199.

ForexLive

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