USDCAD has lost more than 70 pips after release of Canada GDP data.Canada GDP for the month of Jan came at 0.3% compared to forecast of 0.0% and 1.6% y/y vs 1.3%.It hits low of 1.33543 and is currently trading around 1.33475.
WTI crude has gained more than $2 and hits fresh 4-month high on US and China trade optimism and global market recovery.It hits high of $60.49 and is currently trading around $60.47.
On the higher side major resistance is around 1.34674 high made on Mar 7th and any convincing break above will take the pair to next level till 1.3500/1.3600. It should break above 1.3660 for bullish continuation.
The near term support is around 1.3350 and any violation below will drag the pair to next level till 1.3320/1.3250.Any violation below 1.3250 confirms minor weakness.
It is good to sell on rallies around 1.3365-70 with SL around 1.3400 for the TP of 1.3255.
