The pair had the strongest close last week. The major key economic event is FOMC meeting scheduled this week.
WEEKLY ECONOMIC DATA TO IMPACT ON THE PAIR
Monday US - Industrial and Manufacturing, Production, and NAHB Housing Market Index
Tuesday US - Building Permits and Housing Starts
CAD - Manufacturing sales
Wednesday US - Core Inflation and Federal Reserve Rate Decision
CAD - Wholesale sales
Thursday US - Jobless Claims Data
Friday CAD - Core CPI, CPI, core retail sales, and retail sales
We have been recommending buying on every dip with the targets at 1.1570, 1.1640, and 1.1740 on a positional basis. The pair made a high at 1.1595. Ahead of the major US data such as the industrial production report and NAHB housing market index, the pair is trading in a bearish zone. At Asia's session, the pair is trading at a 4 HR low of 1.1565. The nearest support exists at 1.5560 and 1.5550. We recommend fresh intraday selling below 1.1550 with the targets at 1.1515, 1.1500, and 1.1490. We are still optimistic from the short- and medium-term perspective. The intraday support exists at 1.1490. In case today if the pair falls below 1.1516 and an hourly candle closes below 1.1516, we can confirm it will be capped at 1.1595 in the near term.
