Major support- 1.31970 (300- day EMA)
USDCAD has halted its 2 –day of weakness and shown a minor recovery of nearly 50 pips after releases of weak Canadian jobs data. Canada economy has lost more than 24000 jobs in Jul compared to a forecast of 15.2k and the unemployment rate jumped to 5.7% compared to an estimate of 5.5%. The pair hits an intraday high of 1.32500 and is currently trading around 1.32500.
US oil has formed almost a triple bottom and shown more than $4 recovery till $54.89 and any major reversal only above $55.05.
On the lower side, near term support is around 1.31900 and any break below will take the pair to next level till 1.31400/1.3090.
The near term resistance is around 1.3265 and any violation above will take the pair till 1.3300/1.33450.
It is good to buy on dips around 1.3230 with SL around 1.31900 for the TP of 1.3345.