Major support – 1.2660 USD/CAD has broken the major support 1.2660 yesterday and declined till 1.26238. It is currently trading around 1.26683. The Canadian economy has added 79500 jobs in the month Of Nov compared to fo…
USD/CAD has broken the major support 1.2660 yesterday and declined till 1.26238. It is currently trading around 1.26683.
The Canadian economy has added 79500 jobs in the month Of Nov compared to forecast of 10000 and unemployment rate fell to 5.9% from a 6.3% level in Oct. Wage growth also gone up 2.8% yoy fastest pace in 19 months. Market awaits BOC monetary policy statement today and it expects hawkish statement from BOC due to positive economic data.
The pair has broken major support at 1.2660 (50- day MA) and any major weakness can be seen below that level. Any close below will drag the pair till 1.2600/1.2500.
The major resistance is around 1.29167 top formed at Oct 27th low and any further bullishness can be seen only above that level. The minor resistance is around 1.2747 (20- day MA) and any break above will take the pair to next level till 1.2800/1.2825 (61.8% fibo).
It is good to sell on rallies around 1.2680-85 with SL around 1.2745 for the TP of 1.2580/1.2500.
