Oil prices fell on Wednesday as concerns about the global economy exacerbated worries that an oversupply of crude could last longer than expected.
- USD stronger across the board ahead of key US ADP employment report, expectaions are for a positive print
- USD/CAD staged a strong recovery from 1.3117-16 levels (Mon/Tues lows), to day's high by 1.3276 and is currently trading at 1.3252, with scope for further gains
- Daily momentum remains positive, 10 & 30-DMAs positive aligned for now, 30-day upper bollinger continues to point higher
- Immediate resistance is seen at 1.3299 (Session High Aug 28), while support on the downside is located at 1.2400 (Daily Low Sep 1)
Resistance Levels:
R1: 1.3299 (Session High Aug 28)
R2: 1.3342 (Session High Aug 26)
R3: 1.5000 (Session High Sep 2)
Support Levels:
S1: 1.2400 (Daily Low Sep 1)
S2: 1.2325 (Daily Low Aug 31)
S3: 1.2085 (10-Day MA)
