• EUR/CAD dipped on Friday as stronger-than-expected Canadian jobs data bolstered expectations the Bank of Canada would keep rates on hold next month.
• Canada's labour market showed strength in May, adding 8,800 jobs defying economists' expectations for a loss of 12,500 positions.
• The unemployment rate in Canada rose to 7% in May, marking its highest level in nearly nine years outside of the COVID-19 pandemic period.
• Following the latest labor market data, investor expectations shifted notably, with markets now pricing in a 73% probability that the Bank of Canada will leave its benchmark interest rate unchanged at 2.75% in July.
• Immediate resistance is located at 1.5717(38.2%fib), any close above will push the pair towards 1.5758(Higher BB).
• Support is seen at 1.5539(50%fib) and break below could take the pair towards 1.5505(Lower BB).
Recommendation: Good to buy around 1.5600 , with stop loss of 1.5530 and target price of 1.5710
