USD/CAD falls on fundamentals

The US Dollar traded against the Canadian Dollar in a previously established range until the Canadian Employment data sets were released. The data release caused the currency exchange rate to fall nearly 50 base points. Due to the fact that during this data release the pair fell through the support of the hourly simple moving averages and the weekly PP, an assumption can be made. The assumption is that the currency exchange rate will fall down to the weekly S1, which is located at the 1.3426 level. However, that support level was the cause of the recent rebound, which forced the currency exchange rate higher. Because of that some state that this fall is just a dip, which provides a buying opportunity.