FxWirePro: USD/CAD consolidating around 1.3277, bias is bullish

• The USD/CAD pair rose in on Friday as Canadian dollar was pressured after weaker-than-expected domestic inflation data reduced the chances of an interest rate hike next month from the Bank of Canada.
   
• The annual inflation rate cooled to 1.3 percent in May, below forecasts for 1.5 percent, pushing it further away from the Bank of Canada's 2 percent target as the cost of food fell and gasoline prices moderated, data from Statistics Canada showed.
   
• The pair hit high daily at 1.3306 before retreating slightly to trade around 1.3277 levels in the early US session.
   
• Further downside is expected to be limited as the pair finds strong support at 1.3165 should limit further decline and bring rebound towards higher levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.3354, a break above will take the pair towards next resistance level at 1.3400.
   
• To the downside immediate support can be seen at 1.3207 levels, a break below will open the door towards next level at 1.3165.
  
  Resistance Levels
  
  R1: 1.3306 (Daily high)
  
  R2: 1.3354 (61.8% Retracement level)
  
  R3: 1.3400 (Psychological levels)
  
  Support Levels
  
  S1: 1.3207 (38.2% Retracement level)
  
  S2: 1.3165 (June 14th lows)
  
  S3: 1.3116 (23.6% Retracement level)

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