- USD/CAD is consolidating in narrow range between 1.29139 and 1.28035 for the past 1- week. The Canadian dollar gained strength yesterday after better than expected Canada GDP data. It is currently trading around 1.28260. Canadian GDP data came at 0.4% compared to 0.1% decline previous month.
- Bank of Canada Governor Stephen Mr.Poloz said high levels of household debt poses growing risks to financial stability.
- WTI Crude oil prices shown a minor decline after EIA crude inventory data.US crude inventory jumped by 6.2 million barrels compared to forecast of 1 million barrels. Any convincing break below $67 targets $65. It is currently trading around $67.81.
- Technically near term resistance is around 1.2920 and any convincing break above targets 1.2965/1.3000. Major bullish continuation only above 1.300.
- On the lower side, near term support is around 1.2800 and any break below will drag the pair down till 1.2730/1.2680/1.2635.
It is good to sell below 1.2800 with SL around 1.2845 for the TP of 1.2725/1.2680.
Resistance
R1- 1.2920
R2 –1.2965
R3- 1.3000
Support
S1- 1.2800
S2-1.2725
S3- 1.2680


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