Major resistance- 1.3235
USDCAD was trading higher previous week and jumped more than 100 pips on weak Canadian employment data. The economy unexpectedly lost 1800 jobs in Oct compared to a forecast of 14300, first decline since Jul 2019. It hits a high of 1.32375 and is currently trading around 1.3225.
The WTI crude oil price is trading in a narrow range between $57.84 and $55.75 for the past 5 days. The inventory has built up by 7.9M in the previous week compared to an estimate of 1.9M.
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.
