- USD/CAD has shown a minor jump from the low of 1.27496 made yesterday on account of deadline passing to reach NAFTA deal. The pair hits high of 1.2845 at the time of writing and slowly declined due to rising oil prices. It is currently trading around 1.28190.
- On Wednesday Bank of Canada Deputy governor Lawrence Schembri said that uncertainty about NAFTA negotiations is one of the reasons the central bank for low interest rates.Market eyes Canadian CPI and core retail sales data for further direction.
- WTI Crude oil prices has shown a good jump after better than expected US crude inventories. It hits 3 ½ year high on concerns that Iranian exports might fall due to US sanctions. It hits high of $71.86 and is currently trading around $71.60.
- Technically near term resistance is around 1.2860 (61.8% fibo) and any convincing break above targets /1.2925/1.2965/1.3000. Major bullish continuation only above 1.3125.
- On the lower side, near term support is around 1.2710 (61.8% fibo) and any convincing break below will drag the pair down till 1.2660/1.2600.
It is good sell on rallies around 1.2795-1.2800 with SL around 1.2855 for the TP of 1.2715.
