Significant Resistance - 1.2960
USDCAD hits four months high on board-based US dollar buying. The Canadian economy has added 15000 jobs in Apr below the estimate of 39500. Unemployment came unchanged at 5.2%. The policy divergence between US Fed and BOC puts pressure on the Canadian dollar.USDCAD hits an intraday high of 1.26076 and currently trading around 1.25910.
The US added 428000 jobs in Apr compared to an estimate of 391000. The unemployment rate was unchanged at 3.6% vs . an estimate of 3.5%.
Technical:
USDCAD is holding above short-term (21 EMA), medium-term (55 EMA), and below long-term ( 200 MA) 1.2850 in the weekly chart.
ADX- Bullish
CCI (50) above zero line in the 4-hour chart.
Resistance to be watched- 1.2960, 1.300, and 1.3080.
Support- 1.2900, 1.2860, and 1.2800.
It is good to buy on dips around 1.2850 with SL around 1.2800 for a TP of 1.3000.
