FxWirePro: USD/CAD daily outlook

Chart pattern- Bullish divergence (RSI and over sold)

• USD/CAD has declined sharply after hitting high of 1.23919. The pair broken previous low of 1.2280 and dipped till jumped till 1.22489 yesterday on better than expected Canadian GDP data and is currently trading around 1.23061.
   
• The Canadian economy grew at 0.4% in Nov compared to previous 0%. Out of 20 industrial sectors 17 sectors posted increases for the month. The gain was mainly due to good jump in manufacturing and mining, oil and gas extraction sectors.
   
• US crude has shown a good jump of almost more than $1.5 yesterday after survey showed that OPEC’s strong compliance with supply reduction offset news of US crude production crossed 10 million barrels per day. The commodity jumped till $65.39. It is currently trading around $65.24.
• Technically, major short term support is around 1.2240 and any break below will drag the pair till 1.2200/1.2065.
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• On the higher side, near term major resistance is around 1.2380 and any break above will take the pair to next level till 1.2400/1.2435. Minor bullishness only above 1.2600.

It is good to sell on rallies around 1.2380-85 with SL around 1.2435 for the TP of 1.2200