Total nonfarm payroll employment increased by 295,000 in February, and the unemployment rate edged down to 5.5 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in food services and drinking places, professional and business services, construction, health care, in transportation, and warehousing. The total value of building permits issued by Canadian municipalities fell 12.9% to $6.1 billion in January, following a 6.1% increase last month.
Currently at the Asian session, the CAD is trading higher against the USD. The pair has been in a consolidation range for 23 sessions between 1.2350 and 1.2700. The pair gave a stellar performance on Fridays session. The pair managed to close at higher levels. The weekly support is set at 1.2350 and monthly is at 1.2300. The weekly resistance is found at 1.2700. Bulls can challenge 1.2970, in case the prices close above 1.2700. The intraday support is seen at 1.2580 and 1.2530. On a weekly positional view, until the prices close above 1.2350, buying remains in play with targets at 1.2565, 1.2660, and 1.2680. As of now, 1.2627 is completed. Overall, the picture favors buying on dips. For an intraday we advise buying above 1.2630 with targets at 1.2660 and 1.2690. We can expect strong momentum above 1.2670 and a huge upswing looms above 1.2700.
Trade: buying above 1.2630.
Uitgevoerd door, Analytische expert
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