FxWirePro: USD/CAD dips as Canadian jobs surprise boosts loonie

• USD/CAD dipped below1.4000 level on Friday as the Canadian dollar strengthened following a surprise jump in September job gains.

• Canada's economy added a surprising 60,400 jobs in September, nearly offsetting the previous month's losses, but the unemployment rate remained at a multi-year high, data showed Friday.

• The unemployment rate remained at 7.1%, matching last month when it reached a nine-year high outside the pandemic period.

•Canada has added an average of around 24,000 jobs per month this year, nearly 10,000 fewer than in the past two years, as U.S. tariffs have prompted layoffs or slowed hiring.

 • At GMT 15:52 ,the dollar   was down 0.17 % at 1.3998 against Canadian dollar.

•  Immediate resistance is located at 1.4044(23.6%fib), any close above will push the pair towards 1.4078(Higher BB).

• Support is seen at 1.3946 (38.2%fib) and break below could take the pair towards 1.3892 (SMA 20).

Recommendation: Good to buy around 1.3980, with stop loss of 1.3900,  and target price of 1.4100