FxWirePro:USD/CAD declines slightly on upbeat Canadian jobs data, good to buy on dips

USDCAD has halted its continuous one week jump after upbeat Canadian jobs data.. The pair has jumped more than 250 pips and lost nearly 100 pips after the data. Canadian economy has added  66800 jobs compared to forecast of 8000 and unemployment rate ticked up to 5.8% from 5.7%. The pair has formed minor bottom around 1.30685 and shown nearly 250 pips jump. DXY is rebounding strongly and jumped more than 100 pips in this week. The pair hits low of 1.3230 on Friday and is currently trading around 1.32793.

Crude oil prices are consolidating in narrow range for past one week and markets eye US and China trade talks , monthly OPEC report for further direction.Brent has jumped more than $13 from low of $50.29 on OPEC production cut and U.S sanctions on Venezuela. It is currently trading around $61.90.

On the higher side, near term resistance is around 1.3380 and any break above will take the pair to next level till 1.3435/1.3500.

The major support is at 1.3230 and any violation below will drag the pair down till 1.3160/1.3070 (300- day EMA)/1.3000. the minor support is around 1.3160.

It is good to buy on dips around 1.3235-40 with SL around 1.3200 for the TP of 1.3380/1.3435.