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FxWirePro: USDCAD trades higher on weak Canadian jobs data, good to buy on dips  

USDCAD recovered sharply more than 100 pips after the release of jobs data. US NFP came at 266000 in the month of Nov compared to forecast of 140K while that Canadian economy lost 72000 jobs vs estimate of 10000. The pair hits an intraday high of 1.3270 and is currently trading around 1.32646.

 

 WTI crude oil recovered sharply more than 7% the previous week after OPEC and allies for a deeper production cut. It has jumped till $59.81 and is currently trading around $58.65.

 

Technically, the pair has broken minor resistance at 1.32600 and a jump till 1.3300/1.3320 likely. Trend reversal only above 1.3385.

 

On the lower side, near term support is around 1.3230, any violation beneath targets 1.3180/1.3135. Extreme bearish continuation only below 1.3020.

 

It is good to buy on dips around 1.3258-60 with SL around 1.3200 for the TP of 1.3385.

 

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