• USD/CAD edged higher on Friday but gains were capped as markets assessed U.S. and Canadian jobs data.
• The U.S. economy added 139,000 jobs in May, surpassing analysts’ expectations of a 130,000 gain, signaling continued resilience in the labor market despite broader economic concerns..
• The US unemployment rate held steady at 4.2%, matching forecasts. The stronger-than-expected job creation eased some fears of a slowdown and could give the Federal Reserve more time before considering interest rate cuts.
• Meanwhile, Canada's unemployment rate in May jumped to its highest level in almost nine years, excluding the peak of the COVID-19 pandemic.
• The unemployment rate ticked up to 7% in May from 6.9% in April, a third consecutive monthly increase, Statistics Canada said,.
• Immediate resistance is located at 1.3762(38.2%fib), any close above will push the pair towards 1.3849(50%fib).
• Support is seen at 1.3654(23.6%fib) and breakbelow could take the pair towards 1.3617(Lower BB).
Recommendation: Good to sell around 1.3690, with stop loss of 1.3750 and target price of 1.3590
