FxWirePro: USD/CAD trades weak on strong crude oil price, good to sell on rallies

• almost 200 pips in previous week on better than expected Canadian economic data. The pair hits low of 1.26995 on Friday and is currently trading around 1.27122.
   
• Canadian retail sales rose and CPI rose better than expected. Canadian GDP data came unchanged in Oct at 0% compared to forecast of 0.2%. A slight increase in the growth of service sector was offset by decline in goods- producing industries.
   
• Technically, major short term support is around 1.26840 (trend line joining 1.24329 and 1.26237) and any break below will drag the pair till 1.2600/1.24300. 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 1.2755 (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 sell on rallies around 1.2740-45 with SL around 1.2800 for the TP of 1.2600.