USD/CAD trades lower on upbeat Canadian jobs data, buy on dips : FxWirePro | December 4, 2017

Major support – 1.2660

USD/CAD 0.10% has shown a major decline on Friday after better than expected Canadian jobs data. The pair dipped till 1.26821 and is currently trading around 1.27160.

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.

The pair has taken support near 1.2660 and shown a minor recovery. Any major weakness can be seen only below 1.2660. Any violation 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 1.2753 (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 buy on dips around 1.2700 with SL around 1.2660 for the TP of 1.2800/1