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Major resistance- 1.3385
USDCAD has halted its 4- week of winning streak and shown a minor decline. The pair was one of the best performers this month and jumped more than 250 pips on a weak Canadian dollar. The weaker than expected manufacturing sales and worst jobs data was dragging the Canadian dollar down. The comments from the BOC governor show that downside risk for the growth is high due to trade uncertainty and the chance of rate cut is high in the coming months. The pair hits a low of 1.32630 at the time of writing and is currently trading around 1.32709.
On the flip side, near term support is around 1.32500 and violation below will drag the pair down till 1.3235/1.3180.
The major trend reversal level is at 1.3385, the indicative break over will take the pair to next level till 1.3435/1.3500.
It is good to sell on rallies around 1.3278-80 with SL around 1.3320 for the TP of 1.3200.
