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Intraday bias - Bullish
USDCAD was one of the best performers this month on declining crude oil prices. The dip in Canadian inflation and weak retail sales has decreased the chance for BOC to raise rates further higher. It hits an intraday high of 1.38006 and is currently trading around 1.37998.
According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Nov rose to 59.50% from 70% a week ago.
Technically in the 8-Hour chart, the pair is holding above the short-term( 21- EMA), 55- EMA, and the long-term moving average of 200 EMA (1.3070). Any violation above 1.3820 confirms further bullishness. A jump to 1.3865/1.3900/1.4000 is possible.
WTI crude oil trades weak on board-based US dollar buying and recession fears. Any breach below $76 confirms further bearishness.
The near-term support is around 1.3750, and any breach below targets 1.3700/1.3630.
Indicators (8 Hour chart)
CCI (50)- Bullish
ADX- Bullish
It is good to buy on dips around 1.3750 with SL around 1.3680 for TP of 1.4000.
