USD/CAD has once again recovered slightly after hitting a low of 1.2958 on account of weak crude oil prices. The pair jumped till 1.29935 at the time of writing. It is currently trading around 1.29839. US crude oil slip …
USD/CAD has once again recovered slightly after hitting a low of 1.2958 on account of weak crude oil prices. The pair jumped till 1.29935 at the time of writing. It is currently trading around 1.29839.
US crude oil slip by more than 1% yesterday on continuing increase in US oil production. Crude oil dipped till $44.22 at the time of writing from the high of $46.50 yesterday. U.S crude inventories fell by 6.3 million barrels last week to a six month low. But rise in U.S production by 88,000 barrels a day to 9.338 million barrels a day.
On the higher side, major resistance is around 1.3020 and any break above will take the pair till 1.3089 (23.6% retracement of 1.33475 and 1.29122)/1.3105 (89- 4H EMA)/1.3150.
The near term support stands at 1.2900 and any break below will drag the pair till 1.2825 (Jun 9th 2017 low)/1.2800.
It is good to buy above 1.3020 with SL around 1.2965 for the TP of 1.3085/1.3150.
