FxWirePro: USD/CAD faces strong support at 1.2660, break below targets 1.2500

• USD/CAD has shown a minor jump after weaker than expected Canada retail sales data. But the weakness in USD and strong crude oil prices supported Loonie. The pair declined till 1.26915 on Friday and is currently trading around 1.26930.
   
• Canadian retail sales came at 0.1% compared to forecast of 1.0%. Retail sales is declining for the past four months after a massive jump in the month June. Economists are forecasting third quarter of 1.8% annualized down from 4.5% in the second quarter.
   
• Crude oil prices has shown a minor decline after hitting 2-1/2 high at $59.02 on Friday. Market awaits OPEC meeting which is to be held on Nov 30th for further direction. OPEC meeting to decide on how long production cuts to be extended. Any negative news on OPEC meeting will drag the oil prices drastically. It is currently trading around $58.43.
   
• The pair has formed a minor bottom at 1.26728 and shown a minor jump till 1.27495. The near term major support is around 1.2660 and any minor weakness can be seen below that level. Any break below will drag the pair to next level till 1.2600/1.2500. It should break below 1.24300 for overall bearishness.
   
• On the higher side, near term resistance is around 1.2750 and any violation above will take the pair to next level till 1.2800/1.28365. Short term bullishness can be seen only above 1.2835.

It is good to sell on rallies around buy on dips around 1.2705 with SL around 1.2650 for the TP of 1.2800/1.2835.