FxWirePro-  USDCAD Intraday Trade Idea

Intraday trend- Bearish

Significant resistance- 1.3670

USDCAD showed a minor pullback after strong US jobs data. It hit a high of 1.36317 at the time of writing and is currently trading at 1.36182.

US economy added 206000 jobs in June, above the forecast of 191000. The unemployment rate remains at 4.1% vs. the Estimate of 4%. The Canadian economy lost 1400 jobs compared to a forecast of 25000 jobs . The unemployment rate ticked up to 6.4% vs.6.3%.

The intraday trend is still bearish as long as resistance 1.3670 holds. Technically in the 4-hour chart, the pair is holding below short-term (21- and 55 EMA) and 200 EMA (102.68). Any break below 1.36000 will drag the pair to 1.3535//1.3500. USDCAD hit an intraday low of 1.36036 and is currently trading around 1.36190.

The near-term resistance is around 1.3670, and any breach above targets is 1.3735/1.3760.

Indicators 4-Hour chart)

CCI (50)- Bearish

ADX- Bearish

It is good to buy on dips around 1.36080-100 with SL around 1.3580 for a TP of 1.3670.