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Major support - 1.3380
USDCAD halted its continuous 1-week bullish trend after better than expected Canadian jobs data.Canadian economy has added 56K jobs in month of Feb compared to forecast of 0.6K and unemployment rate steady at 5.8%.The pair declines more than 70 pips from temporary top formed around 1.34675.
US crude oil price has shown a massive recovery of more than $2 from low of $54.50 on account of OPEC supply cuts and declining US rigs count. It is currently trading around $56.74.
On the higher side, near term resistance is around 1.3470 and any convincing break above will take the pair to next level till 1.3500/1.3600. Any violation above 1.3660 confirms further bullishness.
The near term support is around 1.3385 (23.6% fib) and any break below will drag the pair till 1.3340/1.3300/1.3260.
It is good to buy on dips around 1.3385 with SL around 1.3340 for the TP of 1.3600.
