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The USD/CAD pair rebounded in the last hours but the downside pressure is still strong in the short term. Technically, the pair is in a corrective phase after registering a strong upwards movement.
The price rebounded only because the Dollar Index recovered and because the Canadian Unemployment Rate increased unexpectedly from 4.9% to 5.4%, far above the 5.0% expected. In addition, the Employment Change came in at -39.7K versus the 15.0K expected and below the -30.6K in the previous reporting period.
The Canadian Capacity Utilization Rate and the US Final Wholesale Inventories reported better than expected data.
USD/CAD found support below the S1 (1.3) and now it has bounced back. It was almost to reach and retest the broken uptrend line which represents an upside obstacle. 1.3076 and the downtrend line represent resistance levels as well.
Breaking below the uptrend line signaled a larger corrective phase. It could extend its drop as long as it stays under the immediate resistance levels.
A new lower low, dropping and closing below 1.2981 activates more declines and brings new short opportunities with a potential target at 1.2900.
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