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USDCAD Bounces off a Crucial Horizontal Resistance
The first Friday of the month is usually very busy for the USD but also for the CAD. Friday’s usually the day we have job data from both those markets and they do definitely shake up the charts. This Friday was better for the American currency as the NFP and unemployment rate were both better than expected. In Canada the unemployment rate dropped but the change was actually negative, a lot further below expectations. After that, it was a no brainer for traders which direction to choose, and the USDCAD ended on monthly highs. Monday brings us quite a big correction, which you may find surprising because there ... (full story)