Major resistance- 1.3385
USDCAD is trading higher and approaching Oct 2019 high at 1.33450. The pair has shown a minor decline after Canadian CPI came in line with estimation. It came at 0.3% m/m matched economist prediction 0.3%. It hits a high of 1.33275 and is currently trading around 1.33082.
WTI crude has shown a massive recovery of more than $2 after inventory data. According to EIA, crude supplies rose by 1.4 million bbls for the week ended Nov 15th slightly less than the previous week 2.2 million barrels.
On the flip side, near term support is around 1.32700 (200- day MA), violation below will drag the pair down till 1.3235/1.3180.
The major trend reversal level is at 1.3385 and the indicative break above will take the pair to next level till 1.3435/1.3500.
It is good to buy on dips around 1.3270-75 with SL around 1.3230 for the TP of 1.3385.
