FxWirePro: USD/ CAD edges higher after weak Canadian employment data

• USD/CAD initially dipped but recovered ground as  market digested disappointing Canadian Employment data .

• Canada lost tens of thousands of jobs in July, pushing the employment rate to an eight-month low as the labor market reversed gains from the previous month, data showed Friday.

• The economy lost 40,800 jobs in July, following a gain of 83,000 in June, bringing the employment rate down to 60.7%, according to Statistics Canada.

• The unemployment rate held steady at a multi-year high of 6.9%, defying analyst expectations for a 13,500 job gain and a rise in the rate to 7%.

• At GMT 15:27 ,the greenback  was up 0.01% at 1.3747 against Canadian dollar.

• Immediate resistance is located at 1.3807(Aug 5th high), any close above will push the pair towards 1.3859(50%fib).

• Support is seen at 1.3727(38.2%fib) and break below could take the pair towards 1.3642(July 8thlow).

Recommendation: Good to buy around 1.3720, with stop loss of 1.3650and target price of 1.3800