FxWirePro: USD/CAD trade lower on positive Canadian GDP data, break below 1.2800 confirms major weakness
USD/CAD has halted its uptrend after a two weeks of bullishness. The pair has jumped more than 150 pips in previous week and jumped till 1.29139 yesterday. The pair declined more than 100 pips from yesterday’s high on ac…
USD/CAD has halted its uptrend after a two weeks of bullishness. The pair has jumped more than 150 pips in previous week and jumped till 1.29139 yesterday. The pair declined more than 100 pips from yesterday’s high on account of better than expected Canadian GDP data it is currently trading around 1.28260. Canadian GDP data came at 0.4% compared to 0.1% decline previous month.
WTI Crude oil prices is trading weak after showing jump above $69. Market eyes EIA crude inventory data released today for further direction. Any convincing break below $67 targets $65. It is currently trading around $67.33
Technically near term resistance is around 1.2860 and any convincing break above targets 1.2920. Minor bullish continuation only above 1.2925.
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.
