FxWirePro: USD/CAD extends gains as U.S. dollar gains momentum after strong U.S. NFP data

• USD/CAD rose on Friday as markets reacted to stronger U.S. employment data alongside   Canadian jobs report.

• Nonfarm payrolls increased by 172,000 jobs last month after rising by an upwardly revised ​179,000 in April, the Labor Department's Bureau of Labor Statistics said..

• Canada's economy added 87,800 jobs and the unemployment rate fell to 6.6% in May, wiping out much of the job declines since the start of the year.

•Average hourly wages of permanent employees, a metric closely tracked by the Bank of Canada to gauge inflation expectations, grew 3.2% in May, a sharp decline from 4.8% in April.

•The unemployment rate for youth declined 0.9 percentage ⁠points to ​13.4%, the first decline since January, StatsCan said.

•Investors were pricing in roughly 40 basis points of interest rate hikes by the Bank of Canada through the end of the year.

•  Immediate resistance is located at 1.3950 (23.6%fib), any close above will push the pair towards 1.3972(Higher BB).

• Support is seen at 1.3853 (38.2%fib) and break below could take the pair towards 1.3798(SMA 20).

Recommendation: Good to buy around 1.3930, with stop loss of 1.3850,  and target price of 1.3980