Major resistance 1.31500
Major support - 1.3000
USDCAD is trading in a narrow range between 1.31438 and 1.30180. US retail sales came at better than expected and core retail sales at 0.4% in Jun compared to estimate 0.1%. Markets eye Canadian CPI data which is to be released today for further direction. Canadian CPI is expected to have declined by 0.2% month on month in Jun and the annual rate at 2.4% compared to a forecast of 2%.
The crude oil prices have lost more than $3 as output in the Gulf of Mexico resumed after Hurricane Barry. Any major bullishness only above $60.50.
Technically, on the flip side near term support is around 1.3000 and any violation below will drag the pair to the next level till 1.2965/1.2920 level.
The major trend reversal only above 1.3100 and minor resistance is around 1.30820/1.3125.
It is good to sell on rallies around 1.3070-725 with SL around 1.3100 for the TP of 1.2965.
