USDCAD is consolidating in a narrow range between 1.33275 and 1.32545 for the past 1-week. Canadian GDP came in line with expectations at 0.1% m/m and grew at an annualized pace of 1.3%. The overall trend is bullish as long as support 1.3180 holds. It is currently trading around 1.32972.
WTI crude oil prices dropped sharply once again after showing jump above $58. Markets eye OPEC meeting on Thursday for further direction.
On the flip side, near term support is around 1.32500 and violation below will drag the pair down till 1.3235/1.3180.
The major trend reversal level is at 1.3385, the indicative break over will take the pair to next level till 1.3435/1.3500.
It is good to buy on dips around 1.3278-80 with SL around 1.3230 for the TP of 1.3385.