USDCAD Setup Setup: Fading the Overbought Momentum

The market's reaction to today's blockbuster macroeconomic data highlights a clear divide between raw momentum and near-term exhaustion. The U.S. Nonfarm Payrolls print of 172K against the 102K forecast has reignited hawkish Federal Reserve concerns, placing solid ground under the greenback and dragging major currencies down in its wake [1][2]. Ongoing geopolitical tensions have provided an additional safe-haven anchor for the U.S. dollar [3], leaving peers like the Euro reeling at fresh multi-week lows [4]. Meanwhile, equity markets are witnessing a sharp rotation. Large-cap tech leaders Google, Meta, and Amazon are staging a defensive rebound [5][6], demonstrating resilience despite…