USDCAD shoots higher

Written January 27, 2012 at 8:56 AM EST by  

The Dec job gain was revised up to 21,700 from 17,500 but the USDCAD has moved sharply higher over  the last 20 or so minutes of trading. The surge higher has nearly fully reversed the decline today  and seems to have surprised a short market.  The high for the day at 1.0039 is the next target to get through. On the downside look for the 38.2% of the move higher to hold support at the 1.0018 level.  IF the move higher did catch shorts, and is supported by good buying, this level should find willing buyers.  Aggresive buyers would look to hold support closer at the 1.0024 area.  Is it real or is it just a Friday move on low volume?

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