FxWirePro: USD/CAD loses momentum but outlook is bullish

• USD/CAD  retreated slightly on Wednesday investors  awaited  upcoming US and Canadian jobs data .

•Investors' focus  shifted to  ADP employment data on Thursday and the closely-watched monthly nonfarm payrolls report on Friday.

• Investors will also watch Canada’s unemployment data on Friday for clues on the Bank of Canada’s potential rate-cut decisions later this month.

•On the data front, U.S. job openings fell 176,000 to 7.181 million at the end of July, below economists’ forecast of 7.378 million, the Labor Department reported in its Wednesday JOLTS release.

•  Canadian labor productivity dropped 1.0% in Q2, the sharpest decline since Q4 2022, as businesses cut output amid trade-related uncertainty.

• Immediate resistance is located at 1.3804(SMA 20), any close above will push the pair towards 1.3862(50%fib).

• Support is seen at 1.3727(38.2%fib) and break below could take the pair towards 1.3661(Lower BB).

Recommendation: Good to buy around 1.3760, with stop loss of 1.3660 and target price of 1.3850