The Dollar Finally Dropped
Not only the U.S showed better than expected data, Canada showed a 35.9k expansion in the job market with an unemployment rate unchanged at 8%. The Data had a major impact on the Canadian Dollar crosses, as the Loonie increase dramatically against its counter parts.From a technical point of view the Canadian Dollar is now trading around major support. A break of current levels could lead to a major plunge especially as the next major support level lies at 1.0927. A clear break is necessary, as indicators are pointing to oversold conditions.
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