We all know USD/CAD was quite volatile recently, dropping to 0.9010 in the end of October and rebounding to 1.0214 in early December covering almost 1200 pip range.
Employment report last Friday (see
details here) came way better than expected, 43K jobs were added vs 8K expected. Although the Bank of Canda cut its rates to 4.25% on December 4th, based on decreased inflationary pressure I think there is still some strength in the CAD as the employment report showed.
Short term resistance is at 1.0085, I have a few sell orders at these levels. My profit target is 0.9910 (10 period daily EMA).
Comments are welcome,
Steve
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