USDCAD lost more than 40 pips after the release of Canadian jobs data. It came at 35.2k vs forecast of 24.9k and the unemployment rate declined to 5.6% from 5.8%. But US Non-farm-payroll shows that the economy has added 145k jobs in Dec vs forecast of 162k and the unemployment rate came at 3.5%. Average hourly earnings m/m at 0.1% vs estimate 0.3%. It hits low of 1.30292 and is currently trading around 1.30411. It has formed a temporary top around 1.2955 and jumped till 1.31049 yesterday.
USDCAD is facing strong resistance around 1.3100-05 and any further bullish continuation only beyond that level. Any break up targets 1.31480/1.31800. The minor resistance is at 1.30600.
On the flip side, near-term support is around 1.3020 and any indicative break under will drag the pair till 1.3000/1.29500.
It is good to sell on rallies around 1.3045-48 with SL around 1.3080 for the TP of 1.2960.
