FxWirePro: USD/CAD uptrend loses steam, remains on bullish path

• USD/CAD retreated Thursday as the dollar weakened following U.S. labor market data, boosting expectations of another rate cut this year.

• A total of 150,000+ jobs were cut by U.S. companies in October, marking the highest October job reduction in over 20 years, according to Challenger, Gray & Christmas.

• Economic data from private sources has drawn increased investor interest amid the absence of official data during the U.S. government's longest-ever shutdown.

•  Thursday's weakness for the dollar follows a strong rally that started last week after the Federal Reserve tempered expectations for additional cuts this year amid limited economic data.

• Traders now see a 69% probability of a December rate cut, up from 62% the previous day, according to CME FedWatch.

•  Immediate resistance is located at 1.4140(23.6%fib), any close above will push the pair towards 1.4172(Higher BB).

• Support is seen at 1.4059(38.2%fb) and break below could take the pair towards 1.4029 (SMA 20).

Recommendation: Good to buy around 1.4110, with stop loss of 1.4060,  and target price of 1.4200