- Canadian dollar recovered slightly from the one month low of 1.25971 made yesterday after a slight better than expected Canadian employment data. The pair declined till 1.25250 and is currently trading around 1.2554.
- Canada’s economy has added 10000 jobs in Sep below forecast of 14500. But wage growth increased more than expected.
- WTI crude oil prices declined sharply from the high of $50.79 as tropical Storm Nate approached the US Gulf coast. The commodity dipped till $49.11 and is currently trading around $49.34.
- On the higher side, near term resistance is around 1.2600 and any convincing close above will take the pair to next level till 1.266 (Aug 31st 2017 high)/1.2700.
- The near term support is around 1.2518 (55- day EMA) and any break below will drag the pair down till 1.2460/1.24180.
It is good to buy on dips around 1.2545 with SL around 1.2490 for the TP of 1.2600/1.2660.
