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FxWirePro: USDCAD trades lower, any major weakness only below 1.3130

Major support – 1.31300

 

USDCAD continues to trade lower and hits 5- week low on broad-based USD selling and strong Canadian manufacturing sales. It rose 0.8% to $57.6 billion in August much better than -1.3% in Jul. The pair hits low of 1.31310 and is currently trading around 1.31375.

 

WTI crude is holding well above $50 despite weak US crude inventories. It has shown a build-up of 9.3M compared to 2.7M. The major resistance is around $55 and any break above targets $55.75/$56.

 

On the flip side, near term support is around 1.3130 and any violation below will drag the pair down till 1.3070/1.3020.

 

The near-term resistance is around 1.3180 and convincing break above will take the pair to the next level till 1.3245/1.3300.

 

It is good to sell on rallies around 1.3148-50 with SL around 1.31850 for the TP of 1.3070.

By Rangarajan Hariharan
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