USD/CAD reverses lower after failed breakout above 1.4292 yearly high
USD/CAD set a new high for the year on Friday after a weaker-than-expected Canadian jobs report. The breakout stretched only about 7 pips above the previous yearly high near 1.4292 before the pair reversed lower. By Friday's close, the price had rotated lower, and sellers regained short-term control. The Canadian employment data initially weighed on the loonie, but buyers could not sustain the move above the prior yearly peak. The source says a key swing support level stands in the way of further downside, but it does not give a figure for that level. For traders, the failed break above 1.4292 is the main technical signal. The quick reversal suggests the upside momentum from the jobs data faded, and price behaviour at the unspecified swing support is likely to decide whether sellers can extend control.
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