USDCAD hits 1-1/2 week low after better than expected Canadian GDP data.Canada GDP for the month of Jan came at 0.3% compared to forecast of 0.0% and 1.6% y/y vs 1.3%.It hits low of 1.33383 and is currently trading around 1.33513.
WTI crude has gained more than $2.5 and rallied more than 4-month high on US and China trade optimism and global market recovery.It hits high of $60.86 and is currently trading around $60.75.
On the higher side major resistance is around 1.3400 and any convincing break above will take the pair to next level till 1.3450/1.34675. It should break above 1.34675 for further bullishness.
The near term support is around 1.3320 and any violation below will drag the pair to next level till 1.3300/1.3250.Any violation below 1.3250 confirms minor weakness.
It is good to sell on rallies around 1.3365-70 with SL around 1.3400 for the TP of 1.3255.
