The 1H USD/CAD chart shows a double bottom as the market finds support from the 0.9890 area. This is occurring just ahead of Canada’s employment data to come out at 7AM EST, and the US Non-Farm Payroll data that comes out 8:30AM EST. The fact it is reverting back to the 200 hour simple moving average reflects the market is indecisive, waiting for the risk events to pass before pushing for direction. If after the risk events the USD/CAD continues higher, let’s see if real bullish momentum can gather. For that the 1H RSI should break back above 60, and tag 70. Price should rise back above parity. This would also break ... (full story)