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FxWirePro: USDCAD upside capped by trend line, good to sell on rallies

USD/CAD has declined slightly once again after hitting high of 1.31744. The pair has formed almost a double top and any further bullishness can be seen only above that level. Canadain economic data released yesterday was slightly better than expected. Canadian ADP employment came slightly better than expected in Jul. Canadian economy has added 11600 jobs in Jul compared to -10.5k in the month of Jun. Canadian manufacturing sales came at 1.1% compared to 1%.

US court has ordered for environmental review of the Keystone XL pipeline which is a minor setback for Canada. But markets eye Canadian inflation data which is to be released today for further direction.

WTI crude has shown a minor recovery of more than $1 on easing trade tensions between US and China. It has taken support near 200- day MA and is currently trading around $65.74.

On the higher side, near term resistance is around 1.3180 and any break above targets 1.3290/1.3380 level.

The near term support is around 1.3060 and any break below targets 1.3000/1.2960 (100- day MA).

It is good to sell on rallies around 1.3145-50 with SL around 1.3180 for the TP of 1.3060.

 

 

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