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FxWirePro: USDCAD Daily Outlook

USDCAD holds steady above 1.3400 and is consolidating in a narrow range. The pair lacks follow-through buying as markets eye US Fed monetary policy tomorrow. The Canadian manufacturing sales came at -0.6% compared to the forecast of +0.4%. The decline was mainly due to the slowdown in the auto sector on account of the temporary assembly plant shutdown. US housing starts declined by 0.9% in May to 1.269 million from prior month 1.28 million but starts for the prior month were revised. The pair hits low of 1.34114 and is currently trading around 1.34130.

The near term resistance is around 1.3426-30 (200-4H MA) and any convincing close above targets 1.3450/1.3500.

The major support is around 1.334 and any violation below will drag the pair to the next level till 1.3300/1.3265. Any major bearishness only below 1.3200.

The near term resistance is 1.3435 and any convincing break above targets 1.3480/1.3500.

It is good to buy on dips around 1.3380 with SL around 1.334 for the TP of 1.3500.

 

By Rangarajan Hariharan
  • Market Data
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