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FxWirePro- USDCAD trades higher on upbeat US jobs data, good buy on dips

Ichimoku analysis (Daily chart)

 

 Tenken-Sen- 1.25133

 

Kijun-Sen- 1.25551

 

The pair surged more than 40 pips after upbeat US jobs data. . The US economy has added 943000 jobs in Jul compared to an estimated 870000. The unemployment came at 5.4% vs the forecast 5.7%. The average hourly earnings jumped to 0.4% above the forecast of 0.3%.  The Canadian jobs data came dismal with the addition of 94000 in Jul below the estimated  148000, unemployment jumped to 7.4% v.s 7.5%. 

 

Trend –Bullish

The near-term resistance is around 1.2550, a breach above targets 1.2600/1.2660. On the lower side, immediate support stands around 1.250; violation below will take the pair down to the next level 1.2435/1.2400.

 

It is good to buy on dips around 1.25200 with SL around 1.2480 for TP of 1.2660.

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