This pair has been moving higher as a result of a dovish BOC and weak data. As bulls were enjoying the bullish run, the Canadian jobs report came in strong for the second time, printing +55k vs +1.8k estimate, putting a halt to the bullish party. Price fell after a touch of MR2 resistance @ 1.33901 before falling and ending the week @ 1.34069. Reaching the monthly target so early in the month, we could see price move to the downside to reach support @ MMP.
WTI fell on Friday and found support @ 54.80 which coincides with WS1. Price however bounced back to the upside and closed the week @ 56.35. If price keeps heading north than that could possibly boost the loonie which would than setup USDCAD to mover lower, provided the dollar isn’t strong.