The loonie falls against USD, GBP, and Euro on the back of recent dicline in crude prices. The Greek saga influenced crude oil prices. Maunting concerns about the economic situation in Dreece favor the US dollar . The optimism shifted to USD making crude oil prices dump. Today, traders eye the Canadian GDP . Data is expected to be printed between neutral and negative readings. We expect 0.0% or even 0.1%.
Technical view:
USD/CAD
The Greek sage supported the greenback and declining oil prices supported CAD bears. The pair regained lost daily moving averages and closed above them . The pair managed to erase most of its monthly loss trading with mild losses. The pair is trading above 20Wsma. All these factors support bulls. In the hourly and daily time frames, the pair has been approaching higher lows. At yesterday's session, we recommended buying above 1.2360. Today, ahead of the Canadian GDP and US consumer confidence data, the CAD is trading lower against USD. The intraday resistance is seen at 1.2425 and 1.2445. Intraday support is found at 1.2390 and 1.2360. The trend favours buying with sl 1.2300, whereas support base is found at 1.2200. The double top is at 1.2565. A high between 1.2445 and 1.2480 is likely to be hit today.
