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FxWirePro: USDCAD trades higher on weak Canadian jobs, jump till 1.3380 likely

USDCAD has jumped more than 40 pips after the release of Canadian employment data. The Canadian economy unexpectedly lost 1800 jobs in Oct compared to a forecast of 14300, decline since Jul 2019. The pair hits high of 1.32325 and is currently trading around 1.32250.

 

On the flip side, near -term support is around 1.3180, any break below will take the pair to next level till 1.3135/1.3100. Major bearish continuation only under 1.3020.  

 

The pair's upside is capped around 1.3230-35 and break over that level targets 1.3275/1.3300. Major trend reversal will happen if it crosses 1.33850.

 

It is good to buy on dips around 1.3180 with SL around 1.3135 for the TP of 1.3275.

 

By Rangarajan Hariharan
  • Market Data
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