USDCAD breaks major resistance after a long consolidation. The jump was mainly due to minor weakness in crude oil prices on account of surge in US crude oil inventories and global growth concerns.US PPI data came at 0.6% m/m compared to forecast of 0.3% and core PPI is at 0.3% vs estimate 0.2%.It hits high of 1.33958 and is currently trading around 1.33450.
WTI Crude hits fresh 5-month high at $64.77 and declined nearly $1.5 and any close below $63.51 (7- day MA) confirms minor weakness.
The near term resistance is around 1.34050 and any break above will take the pair to next level till 1.3460/1.3500.
It is good to sell on rallies around 1.3365-68 with SL around 1.3405 for the TP of 1.3290/1.3200.
