Technical Analysis

USD/CAD falls to lowest since October after stops hit

Stops hit in light trading

The risk in trading on a holiday is that low liquidity leaves stops especially vulnerable.

It looks like that was the case in USD/CAD as it dropped through yesterday’s low of 1.3050 and ran stops down to 1.3038. That also took out some minor support at early-November lows in a fall to the worst levels since November 24.

It’s since recouped the loss and is trading at 1.3051, which is down 5 pips on the day.

Tomorrow is a huge day for USD/CAD with the Canadian and US jobs reports both on deck.

ForexLive

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