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Intraday bias - Neutral
USDCAD trades lower and closed below 1.29000 on Canadian dollar strength. The minor surge in Canada's inflation from 7.7% to 8.1% increased hopes of a further hawkish rate hike by the BOC. Markets eye Canadian retail sales data today for further direction. Technically in the 1 -Hour chart, the pair is holding below the short-term ( 21- EMA), 55- EMA, and the long-term moving average of 200 EMA (1.29424). Any close above 1.29450 confirms the intraday bullish trend. A jump to 1.2960/1.300/1.3050 is possible. USDCAD hits a low of 1.28700 at the time of writing and is currently trading around 1.28773.
WTI crude oil price trading weak for the third consecutive week 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 sell on rallies around 1.2900 with SL around 1.2945 for TP of 1.2800.
