FxWirePro: USD/CAD trades weak, market eyes BOC monetary policy

• Major support – 1.2660
   
• USD/CAD has broken the major support 1.2660 yesterday and declined till 1.26238. It is currently trading around 1.26683.
   
• The Canadian economy has added 79500 jobs in the month Of Nov compared to forecast of 10000 and unemployment rate fell to 5.9% from a 6.3% level in Oct. Wage growth also gone up 2.8% yoy fastest pace in      19 months. Market awaits BOC monetary policy statement today and it expects hawkish statement from BOC due to positive economic data.
   
• The pair has broken major support at 1.2660 (50- day MA) and any major weakness can be seen below that level. Any close below will drag the pair till 1.2600/1.2500.
   
•   The major resistance is around 1.29167 top formed at Oct 27th low and any further bullishness can be seen only above that level. The minor resistance is around 1.2747 (20- day MA) and any break above will take the pair to next level till 1.2800/1.2825 (61.8% fibo).

It is good to sell on rallies around 1.2680-85 with SL around 1.2745 for the TP of 1.2580/1.2500.