FxWirePro- USDCAD Daily Outlook
Intraday bias - Bearish
USDCAD was one of the worst performers this week and lost more than 200 pips on board-based US dollar selling. The pair lost its shine after dismal US CPI data. The inflation slowed from 9.1% YOY to 8.5% YoY, below expectations of 8.7%. Technically in the 4 -Hour chart, the pair is holding above the short-term( 21- EMA), 55- EMA, and below the long-term moving average of 200 EMA (1.28727). Any close below 1.2720 confirms the intraday bearish trend. A dip to 1.26380/1.2550 is possible. USDCAD hits a high of 1.27412 at the time of writing and is currently trading around 1.27485.
WTI crude oil continues to trade for the past five days on the weak US dollar. Any weekly close above $95.70 confirms further bullishness.
The near-term resistance is around 1.2800, any breach above targets 1.2865/1.2900/1.2965/1.3000/1.3050/1.3085.
Indicators (4 Hour chart)
CCI (50)- Bearish
It is good to sell on rallies around 1.2800 with SL around 1.2865 for TP of 1.2640.
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