USD/CAD has recovered sharply after making a low of 1.32635 on Mar 21st 2017 low. It is currently trading around 1.33587. CAD is trading slightly weak against all major pairs on account of weak Crude oil prices. WTI crud…
USD/CAD has recovered sharply after making a low of 1.32635 on Mar 21st 2017 low. It is currently trading around 1.33587.
CAD is trading slightly weak against all major pairs on account of weak Crude oil prices. WTI crude oil declined slightly till $47.45 after showing a jump till $48.45. It is currently trading around $47.87.
According to US EIA , stockpiles increased further by 4.95 million barrels to 533.1 million barrels compared to forecast of 2.8 million. Markets await Canada CPI report for further direction.
On the lower side, the near support is around 1.3320 and any break below will drag the pair down till 1.3260/1.3220 (trend line joining 1.30088 and 1.30509).
The major trend line resistance is around 1.3380 and any break above will take the pair till 1.34310 (61.8% retracement of 1.35349 and 1.32635)./1.35000.
It is good to buy above 1.3380 with SL around 1.3320 for the TP of 1.3430/1.3500.
