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Major resistance 1.31500
Major support - 1.3000
USDCAD is consolidating after hitting a high of 1.31640. It is trading between 1.31640 and 1.31190 for the past two trading days. US dollar index has formed a double top around 97.80 and shown a minor selling from that level. Any break below 97.50 will drag the pair till 97.24/97. The chance of rate cut has slightly increased after weaker than expected Canadian CPI and retail sales data. It is currently trading around 1.3138.
The crude oil prices have shown a recovery of $1 after crude inventories take a huge drop. According to EIA US crude inventories fell 10.84 million barrels compared to forecast of -4.2M. Any major bullishness only above $60.50.
Technically, on the flip side near term support is around 1.30760 and any violation below will drag the pair to the next level till 1.3030/1.3000 level.
The major trend reversal only above 1.3150 and any break above will take the pair to net level till 1.3230/1.32905.
It is good to buy on dips around 1.3100 with SL around 1.3060 for the TP of 1.3290.
