FxWirePro: USDCAD hits 3- week low on upbeat Canadian jobs data, dip till 1.3050 likely

Ichimoku analysis (Daily Chart)

Tenken-Sen- 1.33077

Kijun-Sen- 1.32287

USDCAD continues to trade weak for 3rd consecutive days and lost more than 200 pips on the strong Canadian dollar. The Canadian dollar gained sharply against all majors after upbeat jobs data. The Canadian economy has added more than 378000 jobs in September compared to an estimated 150000 and the unemployment rate at 9% vs estimate of 9.8%. It hits an intraday low of 1.31158 and currently trading around 1.31281.

WTI crude oil is trading higher and holding above $40 as the strike in oil Johan Sverdrup Norway affected the supply of 330000 barrels per day. Any violation above $41.50 targets $43/$43.75.

Technically, the pair faces near term resistance at 1.3180. Any violation above targets 1.3278/1.3260. The near term support is around 1.3100, an indicative break below will take to the next level till 1.30440/1.3000.

It is good to sell on rallies around 1.3138-40 with SL around 1.31850 for the TP of 1.3050.