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FxWirePro: USDCAD Daily Outlook

Major resistance 1.31500

 

Major support - 1.3000

 

USDCAD is trading in a narrow range between 1.31438 and 1.30180. Canadian CPI and manufacturing sales came at slightly weaker than expected. The headline CPI slowed to 2% YoY down from 2.4% and manufacturing sales came at 1.6% mom compared to estimate 2%.

 

The crude oil prices have shown a minor decline after the jump in gasoline stocks.US crude inventories declined by 3.12 million barrels compared to forecast of 2.7 million. Any major bullishness only above $60.50.

 

 Technically, on the flip side near term support is around 1.3000 and any violation below will drag the pair to the next level till 1.2965/1.2920 level.

 

The major trend reversal only above 1.3100 and minor resistance is around 1.30820/1.3125.

 

It is good to sell on rallies around 1.3070-725 with SL around 1.3100 for the TP of 1.2965.

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