FxWirePro- USDCAD Daily Outlook

Intraday bias - Bullish

USDCAD consolidating in a narrow range after a minor pullback. The US economy has added 263K jobs in Sep compared to a forecast of 265000. The unemployment rate dropped to 3.5% vs3.7% the previous month.

Canada added 211000 jobs in Sep compared to an estimate of 19500. The unemployment rate dropped to 5.4% from 5.2%.  It hits an intraday low of 1.37249 and is currently trading around 1.37363.

According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Nov rose to 78.1%  from 56.5% 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 (1.33880). 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 close above $92.65 confirms further bullishness.  

The near-term support is around 1.3660, and any breach below targets 1.3600/1.3500.

Indicators (4-Hour chart)

CCI (50)- Bullish

ADX- Neutral

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