The Canadian dollar bounced back after the job market showed the third straight month of gains. The strong bearish momentum below the psychological level of 90.00 was an indication of profit-taking.
The RSI has recovered to the neutrality area following the initial dip. Though it would be too soon to call a reversal as the price action has built support on its way up. 89.60 is the closest one.
Further down 89.05 is important to maintain the bullish bias. A rally above 90.60 may prompt more trend followers to jump in.
