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Jobs Data, NFP Reactions: Retreat in EUR/USD; Even Weaker CHF and JPY; Strength for CAD
Topping attempt: Let’s first look at the USD/CAD. Both had better employment data, but it appears CAD had an edge in the initial reaction. USD/CAD fell sharply below a recent consolidation/congestion trendline as is showing a possible double top with the 1.0215 pivot in focus. However, a rally back above 1.03 should invalidate the topping action, and suggest bullish continuation, because the trend has been bullish in 2013 so far. A break below 1.02 might be needed to confirm topping. EUR/USD - Bearish Divergence: Ahead of the NFP, the market showed inability to extend above the double bottom formed during the ... (full story)
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