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FxWirePro: USDCAD hits 1- week low on improved Canadian trade deficit, good to sell on rallies

Major Support -1.3280

USDCAD is trading weak and lost more than 100 pips from yesterday’s high of 1.34029. Canadian trade data came slightly better than expected. Trade deficit slightly improved -$2.90B vs -$3.25B expected. Canada CPI came in line with expectations 0.7% m/m vs forecast of 0.7% The rising crude oil prices also supporting Canadian dollar. WTI crude oil rose more than $1.5 on Chinese demand and decline in US crude inventories. The data form American Petroleum Institute (API) shows that US crude oil inventories declined by 3.1 million barrels compared with forecast for the increase of 1.7 million barrels.

 

On the lower side,, near term support is around 1.3280 and any break below will drag the pair to next level 1.3230/1.3199 (200- day MA).

 

The near term resistance is around 1.3340 and break above targets 1.3380/1.3405.

 

It is good to sell on rallies around 1.3300 with SL around 1.3340 for the TP of 1.3199

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May 24 19:00 UTC Released

USCattle Marketed

Actual

106.9 %

Forecast

106.6 %

Previous

97 %

May 24 19:00 UTC Released

USCattle Placed On Fd

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108.7 %

Forecast

113 %

Previous

105 %

January 31 00:00 UTC 690903690903m

ARAnnual Primary Balance*

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2016 bln ARS

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January 31 00:00 UTC 690903690903m

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2016 bln ARS

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January 22 19:00 UTC 702723702723m

ARTrade Balance

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-1541 %

January 31 00:00 UTC 690903690903m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 702723702723m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 690903690903m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 690903690903m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 690903690903m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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