Intraday bias - Bearish
USDCAD gained more than 100 pips from a low of 1.28220 despite upbeat Canadian retail sales. It rose 2.2% in May compared to an estimate of 1.6%, core retail sales surged 1.9% vs. 1.1%. Technically in the 4 -hour chart, the pair is holding below short-term (21- EMA), 55- EMA, and the long-term moving average of 200 EMA (1.29129). 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 1.28617 at the time of writing and is currently trading around 1.28643.
WTI crude oil price trading weak for the fourth consecutive week on recession worries. Any break below $90 confirms further bearishness.
The near-term support is around 1.2820, any breach below targets 1.2780/1.2740.
Indicators (4 Hour chart)
CCI (50)- Bearish
ADX- Neutral
It is good to sell on rallies around 1.2900 with SL around 1.2945 for TP of 1.2800.
