Major support - 1.3000
USDCAD is trading higher for 7th consecutive days and U dollar gets further boosted by positive US GDP data.US GDP came at 2.1% in the second quarter compared to forecast of 1.8% and personal consumption at 4.3% vs 4.0% expected. The pair hits high of 1.31990 and is currently trading around 1.31688.
The crude oil prices have shown a recovery of $1 after crude inventories take a huge drop. But upside I capped due to ongoing slight weakness in global growth. Any major bullishness only above $60.50.
Technically, on the flip side near term support is around 1.3110 and any violation below will drag the pair to the next level till 1.3085/1.3030/1.3000 level.
The major trend reversal only above 1.3230 and any break above will take the pair to net level till 1.32945/1.3360.
It is good to buy on dips around 1.3150 with SL around 1.3100 for the TP of 1.3350.
