Test lower trendline on the hourly chart.

The Canadian employment statistics came up much better-than-expected. The unemployment rate fell to 9.0% vs. 9.7% estimate. The number of net job gains was stronger than expected at 378.2K. That was up from 245.8K last month. 

The USDCAD has moved to new lows on the data and is currently dipping below a a lower trendline at 1.3152 on the hourly chart. The price low has just reached 1.31463. Traders be watching this line for bias clues. Stay below keeps the bears more in control

Taking a broader look at the daily chart, the pair is also fallen below its 61.8% retracement of the move up from the September 1 low. That level comes in at 1.31556. The next targets come in at swing lows from September between 1.31267 and 1.3118.

The USDCAD on the daily chart

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