USDCAD is in big trouble as it crunches through support like a hot knife through butter

Another wild day for the loonie

Another strong jobs report out of Canada has seen USDCAD fall through the floor. There was support at 1.2450 and 1.2415 but that’s been taken out in a blink.

USDCAD daily chart

We’ve also crinched through the 1.2400 big figure and 61.8 fib of the Sep rally. Look for these broken levels to become support in the interim. We’ve made a big move already but these breaks of support could well send us on our way to 1.20. Expectations for the next BOC meeting have jumped. That’s on Jan 17th.