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FxWirePro:USD/CAD declines sharply below 1.3300 after positive Canadian jobs and crude oil price jump on account of OPEC production cut, good to buy on dips

USD/CAD declines sharply nearly 200 pips after hitting 6-month high at 1.3449. The main reason for sudden jump in Canadian dollar is better than expected Canada jobs data. Canadian economy has added 94000 jobs for the month of Nov compared to forecast of 10500 and unemployment rate decline to 5.6% compared to 5.8% previous month. The pair hits low of 1.32537 and currently trading around 1.33159.

 

Brent crude oil price has recovered sharply after OPEC agreed for production cut of 1.2 million barrels a day .It has jumped till $63.67 and is currently trading around $61.67.

 

On the lower side, near term major support is around 1.3250 and any break below will drag the pair till 1.3200/1.3160.

 

The pair is facing major resistance around 1.3380 and any break above targets 1.34508/1.3500 is possible.

 

It is good to buy on dips around 1.3250 with SL around 1.3200 for the TP of 1.3500.

 

 

 

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