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

    Source: FxWire Pro - Technicals / 08 Nov 2019 09:23:17   America/New_York

    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.


Share on,