• EUR/CAD recovered ground on Friday as Canadian dollar weakened after downbeat Canadian employment data.
• Canada shed tens of thousands of jobs in July, pushing the employment rate to an eight-month low as the labor market reversed June’s gains, data showed Friday.
• The economy lost 40,800 jobs in July, following June’s gain of 83,000, bringing the employment rate down to 60.7%, according to Statistics Canada.
• Most July job losses were among workers aged 15 to 24, with their unemployment rate rising to 14.6% the highest since September 2010, excluding the pandemic years.
• Immediate resistance is located at 1.6124(23.6%fib), any close above will push the pair towards 1.6141(Higher BB).
• Support is seen at 1.5959 (SMA 20) and break below could take the pair towards 1.5866 (38.2%fib).
Recommendation: Good to buy around 1.6000 , with stop loss of 1.5950 and target price of 1.6100
