• USD/CAD strengthened on Friday as investors reacted to the release of U.S. and Canadian employment data.
• Nonfarm payrolls rose by 228,000 in March, following a downwardly revised increase of 117,000 in February, according to the U.S. Bureau of Labor Statistics (BLS).
•The March figure reflects ongoing strength in the labor market, despite challenges like global trade tensions and slower economic growth in some sectors.
• Canadian employment dropped by 33,000 in March, marking the first decline in over three years. The unemployment rate rose to 6.7% as trade tariff uncertainties impacted hiring.
• At GMT 16:39, the pair was trading up 0.62 percent at 1.4182
• Immediate resistance is located at 1.4314 (38.2%fib), any close above will push the pair towards 1.4419(April 1st high).
• Support is seen at 1.4166(50%fib).) and break below could take the pair towards 1.4040(61.8%fib).
Recommendation: Good to buy around 1.4300, with stop loss of 1.4200 and target price of 1.4380
