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FxWirePro: USDCAD hits 1-week low on positive Canadian jobs data, good to sell on rallies 

USDCAD has lost more than 70 pips after the release of Canadian jobs data. The Canada economy has added 53000 jobs for the month of Sep compared to a forecast of 11200 and the unemployment rate declined to 5.5% from 5.7%. The slight optimism in US-China trade talks also supporting the Canadian dollar. It hits an intraday low of 1.32060 and is currently trading around 1.32150.

WTI crude oil prices have halted its 2 weeks of weakness and shown a minor recovery of more than $3. Any break below $50 confirms further decline.

On the flip side, near term support is around 1.3180 and any violation below will drag the loonie down till 1.3135/1.3090.

The near term major resistance is around 1.3235 and any convincing break above targets 1.3265/1.3300 likely.

It is good to sell on rallies around 1.3248-50 with SL around 1.3300 for the TP of 1.3135.
 

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