FxWirePro: Lonnie downside capped by 38.2% fibo, good to sell on rallies
USD/CAD has made a low of 1.35750 and jumped slightly from that level. Intraday trend is still weak as long as resistance 1.3660 holds. It is currently trading around 1.36345. WTI Crude oil hits $49.63 and shown a slight…
USD/CAD has made a low of 1.35750 and jumped slightly from that level. Intraday trend is still weak as long as resistance 1.3660 holds. It is currently trading around 1.36345.
WTI Crude oil hits $49.63 and shown a slight decline from that level. US Oil is still bullish as long as support $47 holds.
USD/CAD formed a temporary top around 1.37935 on Friday and started to decline from that level. The pair downside capped by 38.2% fibo of 1.32220 and 1.379 and any break below confirms minor weakness a decline till 1.35295 (Apr 27th 2017). The major support is around 1.3530 (low made on Apr 27th 2017) and any break confirms that jump from 1.24607 comes to an end at 1.37935. Any break below will drag the pair down till 1.34100/1.32800 (38.2% retracement of 1.2460 and 1.37935).
The near term resistance is around 1.3660 (38.2% retracement of 1.37935 and 1.35750) and any break above will take the pair till 1.3750/1.3800. Any close above 1.3838 (61.8% fibo) confirms bullish continuation.
It is good to sell on rallies around 1.3625-1.3630 with SL around 1.3700 for the TP of 1.3530/1.3410
