FxWirePro-USDCAD Daily Outlook

Intraday bias - Neutral

USDCAD gained above 1.2900 on weak Canadian CPI data. The yearly inflation surged from 7.7% to 8.1% in June, below expectations of 8.8%. It has lost more than 50 pips after the data. Technically in the 1 -Hour chart, the pair is holding above the short-term ( 21- EMA),  55- EMA, and below the long-term moving average of 200 EMA (1.29573). Any close above 1.2920 confirms the intraday bullish trend. A jump to 1.2960/1.300 is possible. USDCAD hits a high of 1.29158 at the time of writing and is currently trading around 1.29133.

 WTI crude oil price trading weak for the second consecutive day on recession worries. Any break below  $95 confirms further bearishness.

 The near-term support is around 1.2850, any breach below targets 1.2928/1.2965/1.3000.

Indicators (4 Hour chart)

CCI (50)- Bearish

ADX- Bullish       

It is good to buy above 1.2920 with SL around 1.2865 for TP of 1.3048.