FxWirePro- USDCAD Daily Outlook
Ichimoku analysis (4-hour chart)
The pair lost more than 50 pips after upbeat Canadian jobs data. The employment change came at 153.7K better than the forecast of 36.5K, unemployment dropped to 6% compared to 6.7% in October. The U.S jobs data miss market estimate. The economy has added 210000 jobs in Nov compared to an estimate of 550000. The unemployment rate came at 4.2% from 4.6% the previous month.US dollar index is recovered from a low of 95.96. Any breach above 96.65 confirms intraday bullishness. USDCAD hits an intraday low of 1.27553 and is currently trading around 1.27556. The intraday trend remains bearish as long as resistance 1.2850 holds.
Crude oil price-
WTI crude oil bounced more than 10% on easing Omicron tension. Any surge past $72.20 confirms the bullish trend.
Intraday Trend –Bearish
The near-term resistance is around 1.2850, a breach above targets 1.2900/1.2960/1.3000.On the lower side, immediate support stands around 1.2720; violation below will take the pair down to the next level 1.2680/1.2640/1.2600.
It is good to sell on rallies around 1.2768-70 with SL around 1.2825 for a TP of 1.2645.