Major Resistance- 1.3350
USDCAD is trading in a narrow range between 1.33183 and 1.32725 for the past two trading days. The US economy slowed slightly in the second quarter and grown at a rate of 2% compared to the previous 2.1%. Markets eye Canadian GDP data and US personal spending for further direction. The pair hits high of 1.33180 yesterday and is currently trading around 1.32860.
WTI crude oil prices have declined more than $1 from high of $56.86 despite a drop in crude oil inventory. The slowdown in the global economy and dip in bond yield is putting pressure on oil priced at higher levels.
On the flip side near term, support is around 1.3230 and any violation below will drag the pair to the next level till 1.3180. Any major weakness only below 1.3180 and break below targets 1.3140/1.3090.
The pair is facing first resistance at 1.3350 and any break above will take the pair to next level till 1.3435/1.350.
It is good to sell on rallies around 1.3320 with SL around 1.3360 for the TP of 1.3225.
