Loonie rallied strongly after upbeat Canadian GDP / jobs data
Canadian dollar surged against US dollar on Friday and hit three-day low, driven by upbeat domestic GDP and jobs data.
Fresh acceleration retraced over 61.8% of USDCAD’s four-day rally which commenced from 1.2680 (Monday’s low) and hit the highest at 1.2909 on Thursday.
Canada’s economy grew at annualized rate of 1.7% in the third quarter, beating forecast at 1.6%, while economy added 79.5K new jobs in November well above forecasted 10K and jobless rate fell to 5.9% in November from 6.3% in October and 6.2% consensus.
Fresh fall weakened pair’s bullish structure which strengthened on acceleration from double-top at 1.2670 zone.
Recovery stall on approach to key 1.2916 barrier and subsequent fall turned near-term bias lower, with close below cracked Fibo 61.8% support at 1.2761, needed to confirm bearish stance and open way for retest of 1.2670 higher base.
Res: 1.2782; 1.2820; 1.2855; 1.2909
Sup: 1.2740; 1.2670; 1.2653; 1.2624