Payrolls fade the Canada Employment Report.
Oil begins to resume its decline and weight on Loonie, so the bias to trade USDCAD is still a BUY but the rally should be limited at year high.
Current price is : 1.3300, Year high is 1.3450 : 150 pips from current price to year high.
Indeed, current price doesn't support an instant position. With risk and ratio 2:1, stop loss is at 1.3225, this level is not stable, this is not a strong support. I think strong support is at 1.3035, so a better point to entry should be at 1.3100
I think USDCAD has had a great effort to break Kumo cloud and SMA50. We should watch the price action is choosing what level to react; according to my view, I see SMA50 is a level which USDCAD chooses.
So I see SMA50 is at 1.3160
A pending LONG position at 1.3160, stop loss at 1.3035, take profit at 1.3450 : That is my final view.