Daily Pivots: (S1) 154.85; (P) 155.39; (R1) 155.77; More… Intraday bias in USD/JPY remains neutral at this point. With near term rising channel floor intact, further rally is expected. Above 156.57 minor resistance will bring retest of 157.88. Further break there will resume the whole rally from 139.87. Next target is 158.86 structural resistance, and […]
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Daily Pivots: (S1) 0.7978; (P) 0.8010; (R1) 0.8028; More… Intraday bias in USD/CHF remains neutral at this point. Outlook is unchanged that price actions from 0.7828 low is seen as a corrective pattern. On the upside, above 0.8070 will indicate that pattern is still extending, and turn bias back to the upside for 0.8123 and […]
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Daily Pivots: (S1) 1.3934; (P) 1.3955; (R1) 1.3972; More… Intraday bias in USD/CAD stays neutral for the moment, and further fall remains in favor. Break of 1.3936 will target 38.2% retracement of 1.3538 to 1.4139 at 1.3909. Sustained break there will indicate that whole rise from 1.3538 has completed. Deeper fall should then be seen […]
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The USDCAD pushed higher in early trading after the release of U.S. initial jobless claims, which showed a sharper-than-expected decline. Claims fell to 191K, well below the 220K expected. While the report covers the Thanksgiving week—a period often distorted by seasonal factors—the broader takeaway is that the U.S. labor market continues to reflect a low-hire, low-fire dynamic. That foundation of labor stability helped give the USD a lift, and the USDCAD responded accordingly with a move to the upside.
However, the rally quickly ran into meaningful technical headwinds. As the pair reached new session highs, buyers encountered a confluence of resistance defined by:
The 100-hour moving average, coming in near 1.39748, and
The upper boundary of a key swing area, spanning 1.3968 to 1.3975.
Sellers used that zone to lean against the advance, halting the upside momentum. The rejection at resistance pushed the pair back down through the lower edge of the swing area, signaling that buyers were not strong enough—at least for now—to force a clean technical break.
In the video above, I walk through the critical levels in play and break down the bias, the risk parameters, and the upside and downside targets for traders. Understanding where the technical barriers sit—and how price reacts around them—helps define the roadmap for the next leg of the USDCAD’s journey.
This article was written by Greg Michalowski at investinglive.com.
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