The Canada Industrial Product Price Index rose 0.5% in June after a 0.5% increase in May. Of 21 commodity groups, 15 were up, 4 were down, and 2 were unchanged.
The Conference Board Consumer Confidence Index, which had improved in June, declined in July. The Index stands at 90.9 now, down from 99.8 in June. Ahead of the FOMC meeting, US economy delivered negative readings.
Technical view: The pair formed the large distribution pattern between 1.3050 and 1.3100. This will be confirmed if the pair falls below 1.2900.
The monthly resistance is seen at 1.3063 and weekly resistance is seen at 1.3050. The pair must close above 1.3100 to sustain the current uptrend. In case bulls faile to do so, gates to 1.2840 and 1.2800 will be open. A daily close below 1.2800 selling accelerates towards 1.2550.
In the H1 chart, the pair broke below bearish h&s pattern, indicating fresh selling below 1.2900 towards 1.2875 and accelerates below 1.2870 towards 1.2840.
Intraday risky buying is available above 1.2950 with targets at 1.2965, 1.2980, and 1.3000.
A daily close above 1.3060 will enable bulls to try to retain their grip in coming days.
The material has been provided by InstaForex Company – www.instaforex.com