FxWirePro- USDCAD Daily Outlook

Intraday bias - Neutral

USDCAD gained above 1.3600 after the weak Canadian GDP.   The annualized real GDP grew by 2.9% in Q3, below the estimate of 3.5%. While the economy expanded 0.1% MoM VS 0.3% the previous month. Markets eye US ADP employment and Fed chairman speech for further direction. It hits an intraday low of  1.35285 and is currently trading around 1.35335.

US conference board consumer confidence declines to 100.20 in Nov compared to a forecast of 102.20. According to the CME Fed watch tool, the probability of a 50 bpbs rate hike in Dec dropped to 67.5% from 75.8% a week ago.

Technically in the 4-Hour chart, the pair is holding above the short-term( 21- EMA), 55 EMA, and below the long-term moving average of 1.34565 (200- EMA). Any violation below 1.3500 confirms intraday bearishness. A dip to 1.3465/1.3400 is possible.

WTI crude oil rose more than $5 on rumors of a production cut by OPEC. Any break above $80 will push oil prices up to $85.  

The near-term resistance is around 1.3560 and any breach above targets is 1.3600/1.3660.

Indicators (4-Hour chart)

CCI (50)- Bullish

ADX- Bullish

It is good to buy on dips around 1.3500 with SL around 1.3460 for a TP of 1.3650.