USD/CAD Rally Stalls into Trend Resistance at Seven-Month HighsU.S. Dollar / Canadian DollarFOREXCOM:USDCADFOREXcomThe Canadian Dollar is getting reprieve today with USD/CAD snapping a six-day rally to seven-month highs. Stronger-than-expected Canadian employment figures amplified today’s decline with a reversal off uptrend resistance now threatening a deeper correction within the July uptrend. The immediate focus is on this pullback in the days ahead with the November opening-range taking shape above the median-line. Initial support rests with the October high close at 1.4055 and is backed by the monthly open / May high at 1.4011/17- note that the medina-line converges on this threshold next week. Ultimately a break / close below the 2022 high / 61.8% retracement of the recent advance at 1.3977/85 is needed to suggest a more significant high is in place / a larger reversal is underway. Subsequent support rests with the 200-day moving average at (currently at 1.3940) with broader bearish invalidation steady at 1.3881/99- a region defined by the 2022 high-close and the 2023 swing high. Initial resistance now eyed with the monthly high-close at 1.4115 and is backed by the 50% retracement of the yearly range / November high at 1.4167/78. A breach / close above this threshold would threaten another accelerated advance with subsequent top-side objectives eyed at the March low at 1.4235 and the 61.8% retracement at 1.4315. Bottom line: USD/CAD has responded to uptrend resistance and the risk now rises for a deeper pullback within the broader July advance. From a trading standpoint, losses would need to be limited to 1.3978 IF price is heading higher on this stretch with a close above 1.4178 needed to fuel the next major leg of the rally. -MB