FxWirePro: USD/CAD trades weak on BOC rate hike hope, good to sell on rallies

• CAD hits 10- month high on Friday after better than expected Canadian jobs data.  The pair broken minor bottom 1.21922 On Jul 4th 2017 and declined till 1.28596 on Jul 7th 2017. It is currently trading around 1.28920.
   
• Canadian economy has added 43000 jobs in the month of June compared to forecast of 10000 4 times more jobs than expected. Markets are expecting a rate hike by 25bpbs in the BOC meeting to be held this week.
   
• On the higher side, major resistance is around 1.3000 and any break minor bullishness can be seen only above that level. Any break above will take the pair till 1.3045 (38.2% retracement of 1.33475 and 1.2856)/1.3100. The minor resistance is around 1.2959 (7- day EMA).
   
• The near term support stands at 1.2825 (Jun 9th 2017 low) and any break below will drag the pair till 1.27635.

It is good to sell on rallies around 1.2940-45 with SL around 1.300 for the TP of 1.2825/1.2765