FxWirePro: Loonie trades higher on weak crude oil, good to sell on rallies
USD/CAD consolidation still in progress and outlook remains unchanged. Intraday trend is still neutral and minor bullishness can be seen only above 1.3576 (200- 4H MA).The pair made a low of 1.33876 and shown a jump on a…
USD/CAD consolidation still in progress and outlook remains unchanged. Intraday trend is still neutral and minor bullishness can be seen only above 1.3576 (200- 4H MA).The pair made a low of 1.33876 and shown a jump on account of declining crude oil. It is currently trading around 1.3450.
WTI Crude oil broken major support $48 and declined till $47.24. Break below confirms minor weakness, a decline till $45 is possible.
USD/CAD major short term resistance is around 1.3575 (200 4H MA) and any break above confirms minor bullishness, a jump till 1.3595/1.3640 likely.
On the lower side, loonie major support is around 1.3380 and any break below confirms that jump from 1.2964 comes to an end at 1.37935 and dip till 1.3285 (200- day MA)/1.3220 likely.
It is good to sell on rallies around 1.3560 with SL around 1.3600 for the TP of 1.3410/1.3290.
