USDCAD continues to trade lower for a second consecutive week on the strong crude oil price. The pair declined below 1.2590 as WTI crude regained $115. The chance of more sanctions by the US and other NATO members on Russia pushed oil prices higher. US dollar index struggles to gain despite the increase in safe-haven demand and hawkish Fed. The intraday trend is still bearish as long as resistance 1.2660 holds.
Markets eye US durable goods order and Initial jobless claims for further direction.
On the flip side, immediate support stands at 1.2550 and any indicative break below that level will drag the pair down till 1.2400/1.2380.
The pair's near-term resistance is around 1.2660, any breach above targets 1.27010/1.2750/1.2800.
It is good to sell on rallies around 1.2618-20 with SL around 1.2660 for the TP of 1.2500.
