USD/CAD upside capped by daily kijun-sen, good to sell on rallies
- USD/CAD has shown a good recovery from the low of 1.22472. The pair jumped almost 200 pips and is currently trading around 1.2405.
- Dollar shown a good bounce back on Friday after better than expected US jobs data. US economy has added 20000 jobs for the month of Jan compared to forecast of 18000. Wage growth has improved a lot and gained 2.9% on the annualized basis, the best gain since 2009.
- Crude oil price was also supportive for minor jump in USD/CAD. Oil price shown a decline of $1.80 after showing a jump till $66.27. It is currently trading around $64.97.
- On the higher side, the pair has taken resistance at 1.2455 (daily Kijun – Sen) and any break above will take the pair to next level till 1.2500/1.2537 (55- day EMA). Minor bullishness can be seen only above 1.2600.
It is good to sell on rallies around 1.2425-1.24300 with SL around 1.2475 for the TP of 1.2300/1.2250.
Source: FXWire Technicals