USDCAD continues to trade weak for 3rd consecutive days and lost more than 200 pips from a high of 1.36000 on broad-based US dollar selling and the bullish crude oil prices. The Canadian CPI came at 0.7% from a year ago vs 0.4% in May and Core inflation edged higher to 0.4% compared to previous -0.1%. The pair hits an intraday low of 1.3399 and is currently trading around 1.34039.
WTI Crude oil declined slightly till $41.22 on a slight increase in US crude inventory. It hits a high of $42.45 and is currently trading around $41.77.
Technically, the pair is facing strong support at 1.3380. A dip till 1.3350/1.3315. The near term resistance is at 1.3460, an indicative break beyond will take the pair to the next level till 1.3500/1.3580/1.3635.
It is good to sell on rallies around 1.3448-50 with SL around 1.3480 for the TP of 1.3320.
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