FxWirePro: USD/CAD slips as CAD gains on strong Canadian jobs data

• USD/CAD slipped lower on Friday as Canadian dollar rose after Canada's job market surprisingly expanded in October.

• Canada’s job market posted strong gains in October, rebounding from previous declines and surpassing expectations, while the unemployment rate fell, official data showed on Friday.

• The economy added a net 66,600 jobs in October, following 60,400 gains in September, Statistics Canada reported, offsetting most of the job losses seen in July and August.

•  Full-time employment fell by 18,500, Statistics Canada reported, with all job gains concentrated in the private sector the first increase since June.

• The unemployment rate, which has remained near a nine-year high outside the pandemic, dropped to 6.9% in October from 7.1% in September.

•  Immediate resistance is located at 1.4140(23.6%fib), any close above will push the pair towards 1.4171(Higher BB).

• Support is seen at 1.4027(38.2%fb) and break below could take the pair towards 1.3944(50%fb).

Recommendation: Good to buy around 1.4050, with stop loss of 1.3950  and target price of 1.4130