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- USD/CAD declined sharply once again after showing a minor jump above 1.2900 level. The pair lost almost 140 pips yesterday after better than expected Canada retail sales and CPI data. The pair hits low of 1.26995 yesterday and is currently trading around 1.27427.
- Canadian retail sales rose 1.5% mom compared to forecast of 0.3% and ex auto came at 0.8% mom vs forecast of 0.4%. The consumer price index of Canada increased to 32.1% YOY from 1.4% in Nov compared to forecast of 2. %. The positive economic data might increase the chance of rate hike by BOC next year.
- Technically, major short term support is around 1.2600 and any break below will drag the pair till 1.24300. Short term weakness only below 1.2430. Overall bullish invalidation only below 1.2060. The minor support is around 1.2680 (trend line support)/1.2620.
- On the higher side, near term major resistance is around 1.2750 (50- day MA) and any break above will take the pair to next level till 1.2800/1.2880/1.2925. Short term bearish invalidation only above 1.2925.
It is good to buy on dips around 1.2660 with SL around 1.2430 for the TP of 1.3130/1.3380.
