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FxWirePro: USDCAD trades higher on broad based US dollar buying, good to buy on dips

USDCAD has broken major resistance around 1.3340 and jumped more than 70 pips. It hits high of 1.34220 and is currently trading around 1.34087. The reason for major jump is due to

 

  1. Broad based US dollar buying and Dollar index jumped more than 100 pips from low of 96.45.
     
  2. US retail sales rose in May and April month was revised higher.Retail sale m/m rose to 0.5% in May compared to 0.3% revised Apr sales but slightly less than forecast of 0.6%. Markets eye US Fed monetary policy on Wednesday for further direction.
     
  3. Crude oil price jumped more than $2.5 after two tankers got exploded near Strait of Hormuz is supporting USD/Canadian dollar at higher levels

         

The major support is around 1.334 and any violation below will drag the pair to 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.

 

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July 2 15:00 UTC Released

DKCurrency Reserves

Actual

449.6 Stale

Forecast

Previous

451.7 Stale

July 2 13:45 UTC Released

USISM NY Biz Conditions

Actual

50 %

Forecast

Previous

48.6 %

January 31 00:00 UTC 765996765996m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 765996765996m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 777816777816m

ARTrade Balance

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Forecast

Previous

-1541 %

January 31 00:00 UTC 765996765996m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 777816777816m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 765996765996m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 765996765996m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 765996765996m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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