FxWirePro- USDCAD Daily Outlook

Intraday bias - Bearish

USDCAD pared most of its gains on board-based US dollar weakness in the previous week. The bank of Canada surprised markets by hiking 100 bpbs in Jul 13th monetary policy.US retail sales rose by 1% m/min June compared to a forecast of 0.70%. Technically in the 4 -Hour chart, the pair is holding below the short-term( 21- EMA),  55- EMA, and above the long-term moving average of 200 EMA (1.29159). Any violation below 1.2900 confirms the intraday bearish trend. A dip to 1.2830/1.2800 is possible. USDCAD hits a low of 1.28965 and is currently trading around 1.29371.

WTI crude oil price gained more than 10% from a minor bottom of $90.54. Any daily close above $100 confirms further bullishness.

The near-term resistance is around 1.2965, any breach above targets 1.3000/1.3050/1.3085.

Indicators (4 Hour chart)

CCI (50)- Bearish

ADX- Neutral

It is good to sell on rallies around 1.2968-70 with SL around 1.3000 for TP of 1.2835.