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FxWirePro: USD/CAD poised at critical support, looking vulnerable

• USD/CAD slipped lower on Monday as increased  risk appetite   and last week's  stronger-than-expected Canadian jobs data continued support loonie.

• Canada's economy generated far more jobs than expected for a second straight month in October and the unemployment rate declined, data on Friday showed..

• Canada added 66,600 jobs in October, following 60,400 gains in September, offsetting most July and August losses, while the unemployment rate fell to 6.9% from 7.1%.

•  Investors expect the Bank of Canada to keep policy unchanged next month after October’s rate cut to a three-year low of 2.25%, with about 11 basis points of further easing priced in by June.

•  Immediate resistance is located at 1.4055(Daily high), any close above will push the pair towards 1.4121(23.6%fib).

• Support is seen at 1.4008(38.2%fb) and break below could take the pair towards 1.3932(Lower BB).

Recommendation: Good to sell around 1.4030, with stop loss of 1.4100  and target price of 1.3950

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