FxWirePro-USDCAD Daily Outlook

Intraday bias - Bullish

USDCAD halted its two-day bearish trend on board–based US dollar short covering.  The Canadian dollar gained momentum after positive GDP data.  The economy grew at an annualized rate of 1.6%  in the fourth quarter, above the BOC forecast of 1.3%. Markets eye US Nonfarm payroll data for further r direction.  Technically in the 4-hour chart, the pair is holding above short-term (21- EMA), below 55- EMA, and the long-term moving average of 200 EMA (1.34282). Any violation above 1.3380 confirms the intraday bullish trend. A jump to 1.3435/1.34700 is possible. USDCAD hits a high of 1.33744 at the time of writing and is currently trading around 1.33482.

 WTI crude oil price pared most of its gains after US crude inventories jumped 4.1 million barrels to 452.70 million barrels, above the estimate of a 0.40 million barrel rise. Any breaks below $75 confirm further bearishness.

 The near-term support is around 1.3300, and any breach below targets 1.3220/1.3170.

Indicators (4 Hour chart)

CCI (50)- Bullish

ADX- Bullish

It is good to buy on dips around 1.3300 with SL around 1.3260 for a TP of 1.3500.