FxWirePro: USD/CAD forms shooting star in daily chart, good to sell on rallies

• USD/CAD declined almost 100 pips after hitting high of 1.26880. The pair hits intraday low of 1.25540. The decline in prices was due to Canadian jobs data came at Feb 9th 2018. It is currently trading around 1.25669.
   
• Canadian economy has lost 88000 jobs in Jan 2018 compared to forecast of 10000 jobs addition. The main reason for dip in employment was due to dip in part-time data. But economy has added 49000 full time jobs which is slightly positive and prevented further jump of USD/CAD.
   
• Oil prices has shown a minor recovery from the low of $58.05. Crude oil prices was down due to huge sell –off in global equity market. US Dow jones has declined nearly 10% in previous week and 13.5% from the all-time high. The increase in US crude production also supporting price decline. It surpasses 10 million barrels hits high of 10.25 million barrels per day.  It is currently trading around $60.17.
   
• On the higher side, major resistance is around 1.2600 and any break above will take the pair till 1.2660/1.2700.
   
• The near term support is around 1.2540 (55- day EMA) and any break below will take the pair till 1.2500/1.2435.

It is good to sell on rallies around 1.2585-90 with SL around 1.2645 for the TP of 1.2500/1.2435.