Intraday bias - Bearish
USDCAD is trading weak despite dismal Canadian employment data. It dropped -39.7k in Aug much below expectations of 15k and the unemployment rate jumped to 5.4% from 4.9%. it hits an intraday low of 1.29797 and is currently trading around 1.29787.
Technically in the 4-Hour chart, the pair is holding below the short-term( 21- EMA), 55- EMA, and above the long-term moving average of 200 EMA (1.299714). Any violation below 1.29700 confirms further bearishness. A decline to 1.2925/1.2880 is possible.
WTI crude oil recovered sharply after hitting a multi-month low of $81.21. Any breach above $90.50 confirms further bullishness.
The near-term resistance is around 1.3020, and any breach above targets 1.3070/1.3148/1.3220.
Indicators (4 Hour chart)
CCI (50)- Bearish
ADX- Bearish
It is good to sell on rallies around 1.3000 with SL around 1.30560 for TP of 1.2880.
