Significant Resistance - 1.2660
USDCAD declined slightly after upbeat Canadian jobs data. The economy has added 72500 in Mar, the unemployment rate dropped to 5.3% from an estimate of 5.4%. The policy divergence between the Fed and Bank of Canada is supporting the pair at lower levels. USDCAD hits an intraday high of 1.26176 and currently trading around 1.25793.
Technical:
USDCAD is holding above short-term (21 EMA), medium-term (55 EMA), and below long-term ( 200 EMA) in the 4-hour chart.
ADX- Bullish
CCI (50) above zero line in the 4-hour chart.
Resistance to be watched- 1.2620, 1.2660, and 1.2700.
Support- 1.2550, 1.2500, and 1.24000.
It is good to buy on dips around 1.2580 with SL around 1.2540 for a TP of 1.2700.
