Sforex
Short

Loonie: Thank to Employment report. SELL USDCAD.

FX:USDCAD   US-Dollar / Kanadischer Dollar
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Thank to Canada Employment report. The number beat the forecast and is printed at 40.6K while Unemployment Rate fall 2bp to 7.1%
Loonie immediately gains support and rally across the board, WTI quickly react and goes up $2.60
Next week, BOC Meeting is the central focus regarding to Loonie.
With recent uptick of economic data, 100% BOC will shift the stance to neutral or probably neutral hawkish.
BUY Loonie ahead the meeting is absolutely a good choice. I surely follow the trend.
With Technical Analysis:
1.3150 is a good resistance where we can place stop loss there.
Strong support : Floor of this pair : 1.2840 , but I don't this this floor could hold USDCAD next week. I expect U/C would pierce this support.
Next support if 1.2840 can't hold Loonie is 1.2570
RSI indicator pulls back from the benchmark :50 : signal the downtrend is still valid.
In short, I recommend SELL USDCAD next week through support 1.2840


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