Intraday bias - Bullish
USDCAD gained slightly after weak Canadian jobs data. It hits an intraday low of 1.3363 and is currently trading around 1.3385.
The Canadian economy shed 6400 jobs in July, compared to a forecast of 2.46K. The unemployment rate came steady at 5.5%, in line with the estimate.
The US economy has added 187000 jobs in Jul, below the forecast of 205k. The unemployment rate dropped to 3.4% from 3.6% the previous month. Average hourly earnings m/m increased to 0.40% vs an estimate of 0.30%.
The pair is holding above the short-term( 21- EMA), 55 EMA, and below the long-term moving average of 1.32649 (200- EMA). Any violation above 1.3400 confirms further bullishness. A jump to 1.3435/1.3500 is possible.
WTI crude oil trades higher for the sixth consecutive week on supply concerns. Any break above $83.60 will push oil prices up to $85/$86.
The near-term support is around 1.3350 and any breach below targets is 1.3300/1.3235.
Indicators (4-Hour chart)
CCI (50)- Bullish
ADX- Neutral
It is good to buy on dips around 1.3360 with SL around 1.3300 for a TP of 1.3500.
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