CANADA DATA: Broad-Based Sectoral Employment Losses Alongside Lower Hours (2/2)

• RES 4: 0.8797 High Dec 17
• RES 3: 0.8789 High Feb 27 and key resistance
• RES 2: 0.8747 76.4% retracement of the Feb 27 - Mar 16 bear leg
• RES 1: 0.8742 High Mar 31 and Apr 1
• PRICE: 0.8696 @ 15:13 BST Apr 8
• SUP 1: 0.8686 Intraday low  
• SUP 2: 0.8637/10 Low Mar 26 / 16 and the bear trigger
• SUP 3: 0.8597 Low Aug 14
• SUP 4: 0.8578 Low Jul 2 ‘25 

A strong rally last week in EURGBP confirmed a clear reversal of the bear cycle between Feb 27 and Mar 16. This opens 0.8747 next, the 76.4% retracement of the Feb - Mar bear leg. The pullback from recent highs is - for now - considered corrective. The cross has pierced support at the 50-day EMA, at 0.8690. A clear break of this average would signal scope for a deeper retracement. The bull trigger is at 0.8742, the Mar 31 and Apr 1 high.

• RES 4: 1.3597 61.8% retracement of the Jan 27 - Mar 31 bear leg    
• RES 3: 1.3575 High Feb 26
• RES 2: 1.3514 50.0% retracement of the Jan 27 - Mar 31 bear leg 
• RES 1: 1.3484 Intraday high   
• PRICE: 1.3456 @ 15:06 BST Apr 8
• SUP 1: 1.3287/3159 Intraday low / Low Mar 31 and the bear trigger
• SUP 2: 1.3125 Low Nov 26 ‘25
• SUP 3: 1.3038 Low Nov 20 ‘25 
• SUP 4: 1.3010 Low Nov 4 & 5 and a key M/T support

Today’s rally in GBPUSD strengthens a short-term bullish theme and highlights an extension of the current corrective phase. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend and this suggests that - for now - gains are corrective. A continuation higher opens 1.3514, a Fibonacci retracement ahead of 1.3479, the Mar 23 high. Key support lies at 1.3159, the Mar 31 low.

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• Full post here.