- USD/CAD has taken support near 1.2540 (200 day 4HMA) and slightly recovered till 1.2620 from that level. Short term trend is bullish as long as support 1.2540 holds.
- The pair has declined till 1.2560 after release of positive Canadian jobs data.
- Canadian job markets have added 29000 jobs following a dip of 1000 in Mar. The unemployment rate is at 6.8% compared to forecast of 6.9%.
- On the downside any break below 1.2540 will take the pair further down till 1.2500/1.2480.
- The pair’s minor resistance is around 1.2620 and any break above would extend gains till 1.2660/ /1.27080 in short term.
Indicators (1 Hour chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku – Buy
Recommendation: Buy USD/CAD around 1.2580, SL 1.2538, Target 1.2700.
The material has been provided by InstaForex Company – www.instaforex.com