USDCAD is trading extremely weak and lost more than 150 pips in past four trading days on rising crude oil and easing trade aluminium,steel tariff tension between US and Canada. Canadian retail sales data released today came slightly weaker than estimate. It came at 1.1% for Mar compared to estimate 1.2% but Ex auto it came 1.7% compared to forecast of 0.9%. The pair hits low of 1.33575 and is currently trading around 1.33795.
Crude oil has lost more than $1.5 from high of $63.79 on ongoing US trade war but US and Iran geopolitical tension is expected to support oil at lower levels. It is currently trading around $62.27.
On the lower side, near term support is around 1.3350 and any violation below will drag the pair down till 1.3300/1.3275.
The near term resistance is around 1.3435 and any violation above targets 1.3500/1.3520. Any major bullishness only above 1.3520 level.
It is good to sell on rallies around 1.3395-340 with SL around 1.3450 for the TP of 1.32750.
