Minor trend line resistance - 1.3340 (trend line joining 1.3450 and 1.33720)
USDCAD is trading higher after trend line break out yesterday. Further weakness in Canadian dollar after release of weak Canadian jobs data. Canadian economy has lost 7200 jobs in month of Mar compared to forecast of 3000 and 559000 in previous month. The unemployment rate came unchanged at 5.8%. The pair hits high of 1.34028 and lost nearly 30 pips from the high and is currently trading around 1.33735.
On the lower side,near term support is around 1.3350 and any violation below will drag the pair to next level till 1.3320/1.32900. Any break below 1.32900 confirms further weakness.
The near term resistance is around 1.3375 and any convincing break above targets 1.3420/1.3460.
It is good to buy on dips around 1.3345-50 with SL around 1.3300 for the TP of 1.3450.
