USD/CAD Tests Supply Area

The Canadian dollar claws back some losses after Canada’s unemployment rate shrank to 6.7% in October. The US dollar’s break above 1.2430 has put the bears under pressure.

An overbought RSI has put a limit on the upside as intraday buyers take profit. The bulls are making an attempt at 1.2500. This level was key support on the daily chart and has now turned into a resistance.

A bullish breakout may pave the way for a bullish reversal. A fall below 1.2375 would put the demand zone over 1.2300 at the test once again.

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