Source: PaxForex Premium Analytics Portal, Technical Insight
The Canadian Dollar rallied on Friday as strong data and rising oil prices boosted the Loonie. Canadian unemployment beat estimates coming in at 5.2% with estimates at 5.3%, while the employment change numbers came in at 108.3k against estimates of 10k. USD/CAD declined 200-odd pips, wiping out four days of gains by the greenback. US job numbers came in strong following a hawkish Fed on Wednesday but could not arrest the decline in the pair.
USD/CAD,D1
Pivot: 1.3527
Analysis:
While the price is below 1.3750, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3527
- Take Profit 1: 1.3300
- Take Profit 2: 1.3130
Alternative scenario:
If the level 1.3750 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3750
- Take Profit 1: 1.3980
- Take Profit 2: 1.4100
Comment:
RSI shows the possibility of a downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.4100 | 1.3300 |
| 1.3980 | 1.3130 |
| 1.3750 | 1.3050 |
