FxWirePro: USD/CAD hits fresh 18-month high,markets eye US/Canadian GDP data

USD/CAD hits fresh 18- month high after breaking 1.35066 high made yesterday.Cnadain dollar lags G-10 currencies due to oil price slump. Fed hiked interest rates by 25 basis point and dot plot projection for 2019 fell from three hikes to two. Markets eye US final GDP  and Canadian GDP and retail sales for further direction.It hits high of 1.35409 and currently trading around 1.35395.

WTI crude oil price is trading weak after a minor jump. US oil has lost more than 10% on increasing US oil production. US EIA report shows that US commercial crude decreased by 500,000 barrels last week compared to forecast of -2.7 M barrels.It is currently trading around $45.42.

On the lower side, near term major support is around 1.3449 (5- day MA) and any break below will drag the pair till 1.3400/1.3327/1.32500.

The pair is facing major resistance around 1.3550 and any break above targets 1.3600/1.3645 is possible.

It is good to buy on dips around 1.3500 with SL around 1.3440 for the TP of 1.3600/1.3645.

Resistance

R1- 1.3555

R2 - 1.3600

R3- 1.3645

Support               

S1- 1.3449

S2- 1.3400

S3- 1.3320