FxWirePro- USDCAD Daily Outlook

Intraday bias - Bullish

USDCAD pared some of its gains ahead of US and Canadian employment reports. The US economy is expected to add 248K in Sep compared to the previous month's 315K.  Any dismal jobs data will push the Canadian dollar higher.  It hits an intraday high of 1.37606 and is currently trading around 1.37341.

According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Nov rose to 75.9%  from 53.20% a week ago.

Technically in the 4-Hour chart, the pair is holding above the short-term( 21- EMA),  55- EMA, and the long-term moving average of 200 EMA (1.33632). Any violation above 1.3760 confirms intraday bullishness. A jump to 1.384/1.3900/1.4000 is possible.

WTI crude oil hits three-week highs after OPEC agreed to cut production by 2 million barrels per day. Any breach above  $90 confirms further bullishness.  

The near-term support is around 1.37000, and any breach below targets 1.3660/1.3600.

Indicators (4-Hour chart)

CCI (50)- Bullish

ADX- Bullish

It is good to buy on dips around  1.3680 with SL around 1.3600 for a TP of 1.4000.