The USDCAD spiked higher on the tariff news at the start of the day (see the spike higher on the 5-minute chart above). However, the USDCAD moved lower following stronger-than-expected 加拿大就业数据。亚洲时段买家在早盘低点入场, but quickly found its footing as buyers emerged.

Technically, the pair dipped below the 100-小时移动平均线为1.3675 on the decline, found support near the 较早时段低点. That bounce led initially to a retest of the 100-hour MA. However,, after breaking back above, sellers flipped to buyers. A second test of support on the 5-分钟图 once again attracted demand, reinforcing bullish sentiment and giving buyers the confidence to push higher (see the hourly moving average overlay on the five minute chart above)

The price has now rebounded back to levels seen 就在数据发布之前, setting up a critical test. A 升至1.3700上方 and sustained trading above that level would open the door for 进一步上行动力. The next key target is the 5月高点跌幅回撤38.2%, which comes in at 1.37208. Notably, the high earlier today briefly spiked above that level following headlines about 加拿大关税35%. A break and hold 1.37208以上 would strengthen the bullish bias and signal a potential shift toward broader upside for USDCAD.