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Technical Analysis: USDCAD pierces monthly resistance line ahead of US/Canada employment data

Despite rising to a two-week high during the previous day, USDCAD failed to close beyond 21-day SMA. The quote presently struggles to clear a downward sloping trend line since December 03, around 1.3060, sustained trading beyond the same could push prices to 21-day SMA level of 1.3090. In a case where the buyers manage to dominate past-1.3090, 38.2% and 50% Fibonacci retracement levels, near 1.3115 and 1.3165 respectively, can question buyers ahead of 50-day SMA, around 1.3175 now.

On the downside, 1.3000 acts as immediate key support ahead of the December month low of 1.2951. If at all Bears keep the reins following 1.2951, 1.2900, 1.2880 and October 2018 low near 1.2780 will regain the market's attention.

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