FxWirePro- USDCAD Daily Outlook

Ichimoku analysis (4-hour chart)

 Tenken-Sen- 1.25448

Kijun-Sen- 1.256901

The pair declined sharply after upbeat Canadian jobs data. It came at 157.1K jobs in Sep compared to an estimate of 59.5K and the unemployment rate in with expectations at 6.9%. The dismal jobs data from the US also drag the pair further down. The US economy has added 194000 jobs in Sep less than the forecast of 490K. While the unemployment rate declined to 4.8% from a forecast of 5.1%. It hits an intraday low of 1.24532 and is currently trading around            1.24817.  The short-term trend remains bearish as long as resistance 1.2650 holds.

Crude oil price-

WTI crude oil surged past $80, the highest level since 2014 on the energy crisis. Any breach below $78.50 confirms the intraday bearishness.

 Intraday Trend –Bearish 

The near-term resistance is around 1.2520, a breach above targets 1.2560/1.2600/1.2660. On the lower side, immediate support stands around 1.2420; violation below will take the pair down to the next level 1.2380/1.2300.

It is good to sell on rallies around 1.2518-20 with SL around 1.2560 for a TP of 1.2425.