FxWirePro: USD/CAD USD/CAD recovers after U.S. and Canadian jobs data

• USD/CAD initially dipped but recovered most of the ground on Friday as market digested US and Canadian Jobs data.

• Canada’s economy lost 65,500 jobs in August, mostly part-time, driven by slower hiring and some layoffs, with the layoff rate rising to 1% from 0.9% a year earlier.

•Canada’s unemployment rate climbed 0.2 points to 7.1% in August, reaching a level not seen since May 2016 (excluding 2020–21), StatsCan reported.

• The average hourly wage for permanent employees rose 3.6% to C$37.81 in August, up from 3.5% in July, a key inflation indicator for the Bank of Canada.

•Meanwile, U.S. nonfarm payrolls rose just 22,000 in August, following an upwardly revised 79,000 gain in July, the Labor Department reported Friday.

• Immediate resistance is located at 1.3861(50%fib), any close above will push the pair towards 1.3917(Higher BB).

• Support is seen at 1.3807(SMA 20) and break below could take the pair towards 1.3732(38.2%fib).

Recommendation: Good to buy around 1.3810, with stop loss of 1.3750 and target price of 1.3900