USDCAD trades lower for 5th consecutive day and hits 8-week `low. The pair has lost more than 300 pips and decline was mainly due to
- Weaker than expected US non farm payroll. US economy has added 75000 compared to estimate 180000.Average earnings is around 0.2% compared to 0.3%.
- Canada has added 27700 jobs in May compared to forecast of 5000 and unemployment rate declined to 5.4% from 5.7%.
- Crude oil has recovered more than 8% from low of $50.63.
The major support is around 1.3207 (300- day EMA) and any violation below will drag the pair to next level till 1.3165/1.3110.
The near term resistance is 1.3315 and any convincing break above targets 1.3350 (100- day MA)/1.3435.
It is good to sell on rallies around 1.3320-25 with SL around 1.3360 for the TP of 1.3205.