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Significant Resistance - 1.2800
USDCAD gained sharply after weak Canadian jobs data. The economy lost 200000 compared to a forecast of -121.5k in Jan and the unemployment rate rose 0.50 points to 6.50 %. US payrolls jump by 467k in Jan better than the estimate of 110k. While unemployment is declined by 0.10% to 4%. The slight policy divergence between the US fed and Bank of Canada supports the pair at lower levels. USDCAD hits a high of 1.27875 and currently trading around 1.27117.
Technical:
USDCAD is holding above short-term (21 EMA), medium-term (55 EMA), and long-term ( 200 MA) in the 4- hour chart.
ADX- Neutral
CCI (50) above zero line and Woodies CCI below zero line.
Resistance to be watched- 1.2800, 1.2860, and 1.2900.
Support- 1.2660, 1.2600, 1.2500.
It is good to buy on dips around 1.2678-80 with SL around 1.2638 for a TP of 1.2800.
