USDCAD Bullish Above Descending Channel

⭐️Key Takeaways⭐️

✔️ CAD Jobs Data last week disappointed causing breakout
✔️ Risk-Off Sentiment / Correction in Equities caused boost in USD

⭐️Market Sentiment⭐️

Yesterday the JOLTs Job Openings for the month of July came in better than expected at 6.618M. This added towards the risk-on sentiment we saw yesterday. This morning equities open up on a continuation foot from yesterday's jive. This risk-on mode will weigh down the dollar but should we start to see some weakness in equities we should expect to see USDCAD continue north from this recent breakout.

⭐️Technical Analysis⭐️

As of writing this article, USDCAD currently tests the ascending support which also coincides with the channel support which was resistance. Should this level break down we should we expect another retest of the 1.30 handle. However on the flip side, if we're able to hold above this confluence of support levels, we should expect the 1.32 to be our next upside resistance target.

Regards,
Michael Harding - Chief Technical Strategist @ LEFTURN Inc.
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