FxWirePro: USDCAD trades lower, markets eye Canada GDP data

USDCAD has halted its long winning streak and declined more than 75 pips from high of 1.35214 on account of broad based USD selling. The decline was due to broad based US dollar selling. US consumer spending jumped 0.9% in Mar compared to forecast of 0.7% highest monthly gains in past 10 years and annual core PCE price index came at 1.6% compared to forecast of 1.7% lowest rate since Sep 2017. Markets eye Canadian GDP data.for further direction.It hits low of 1.34398 and is currently trading around 1.34474.

WTI crude oil has recovered more than 3% after huge drop on Trump’s comment.It is trading mixed as investors weigh chance of OPEC increasing supply.It hits intraday high of $64.21 and is currently trading around $64.11.

On the lower side, near term support is around 1.3420 (10- day MA) and any break below will drag the pair to next level till 1.3400/1.3380. Any violation below 1.3378 (20- day MA) confirms further weakness.

The near term resistance is at 1.35250 and any convincing break above will take the pair till 1.3580/1.3660.

It is good to sell on rallies around 1.34800 with SL around 1.3525 for the TP of 1.3378.