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Significant Support - 1.2600
USDCAD lost more than 100 pips from a high of 1.27307 on upbeat Canadian jobs data. It has added 54.7K jobs in Dec vs. the 24.5K estimate (Positive for Canadian dollar). The unemployment rate came at 5.9% vs a forecast of 6.0%. The pre-pandemic level was 5.7%. (Positive for Canadian dollar). The policy divergence between the US Fed and Bank of Canada supports the pair at lower levels. USDCAD hits an intraday low of 1.26303 and currently trading around 1.26376.
Technical:
USDCAD is holding below short-term (21 EMA), medium-term (55 EMA), and below long-term (100 and 200) in the daily chart.
ADX- Neutral
CCI (50) and woodies CCI below zero line.
Resistance to be watched- 1.2660, 1.2700, and 1.2750.
Support- 1.2600, 1.2500, 1.2450.
It is good to sell on rallies around 1.2660 with SL around 1.2700 for a TP of 1.2500.
