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FxWirePro: Buy USDCAD above 1.31500

Major resistance 1.31500

 

Major support - 1.3000

 

USDCAD has recovered sharply more than 100 pips yesterday after weak Canadian data. Canadian wholesale trade data came slightly weaker than expected like CPI and retail sales data. It fell to 1.8% in May after 4 months of gain compared to an estimate of a 0.5% gain. The decline was mainly due to a drop in motor sales and auto industries. The weak economic data has increased hopes of rate cut by BOC in the near term. The pair jumped till the intraday high of 1.31413 and is currently trading around 1.31367.

 

The crude oil prices have shown a minor decline after more than $2 jump till $57. Any major bullishness only above $60.50.

 

Technically, on the flip side near term support is around 1.30760 and any violation below will drag the pair to the next level till 1.3030/1.3000 level.

 

The major trend reversal only above 1.3150 and any break above will take the pair to net level till 1.3230/1.32905.

 

It is good to buy above 1.3015 with SL around 1.3100 for the TP of 1.3290.

 

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