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Intraday bias - Bullish
USDCAD pared some of its gains after Canadian CPI data. Annual inflation declined to 7.6% in July from 8.1% in June. The Core CPI dropped to 6.1% vs the analyst estimate of 6.7%. Technically in the one-Hour chart, the pair is holding above the short-term( 21- EMA), 55- EMA, and the long-term moving average of 200 EMA (1.28448). Any close below 1.28250 confirms the intraday bearish trend. A dip to 1.2800/1.2760/1.2720 is possible. USDCAD hits a high of 1.28829 at the time of writing and is currently trading around 1.28800.
WTI crude oil continues to trade weak on the recession worries. Any breach below $85.70 confirms further bearishness.
The near-term resistance is around 1.2930, any breach above targets 1.2965/1.3000/1.3080.
Indicators (4 Hour chart)
CCI (50)- Bearish
ADX- Neutral
It is good to buy on dips around 1.2858-60 with SL around 1.2800 for TP of 1.3000.
