Forex technical analysis: USDCAD whips around after mixed report

Jobs a bit higher but the mix is not so great.

The Canada jobs report on the surface looks ok with the unemplioyment rate lower and 22K jobs added (vs 15k est), but the mix of full (-88.1K) vs part time (+110.4) was not the best.

The price action saw the price whip around with the price moving higher but then back lower. We are now looking to retest the highs again as the price continues the whip.

Technically, the pair is trading above the 100 and 200 bar MAs at 1.2095 and 1.20999. The corrective low after the initial spike higher came down to test those MA lines and bounced. So those levels are a risk defining level for the pair.

We are just now looking to move above the close from yesterday at 1.21139. Putting the day in the black is a bullish sign. The London high at 1.2122 and the Asian high at 1.2132 become the next targets to claw the pair out of the bearish hole. PS the 1.2131 is the 38.2% of the move down from the post BOC hike high also comes in near the high for the day at 1.21311. A move above that area is key for the corrective run.

So overall, the intraday look is looking more bullish technically. The longer term view is still not so great, but the buyers (profit takers) are trying to push a little

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