USD/CAD is consolidating after hitting high of 1.27145 Aug 7th 2017. The pair formed a minor bottom around 1.2650 and is currently trading around 1.26785. US crude oil prices has formed a bottom around $48.52 and showing…
USD/CAD is consolidating after hitting high of 1.27145 Aug 7th 2017. The pair formed a minor bottom around 1.2650 and is currently trading around 1.26785.
US crude oil prices has formed a bottom around $48.52 and showing a major recovery from that level. Major support is around $47.89 (Jun 26th low) and any minor weakness can be seen below that level.
Lonnie is facing strong resistance at 1.2745 (23.6% retracement of 1.27960 and 1.24194) and this confirms minor bullishness a jump till 1.2770/1.2850 (38.2% retracement of 1.3547 and 1.24132) likely.
On the lower side, any break below 1.2620 confirms intraday weakness, a decline till 1.2550 /1.2527 (10- day MA) is possible.
It is good to buy on dips around 1.26500 with SL around 1.2620 for the TP of 1.2740/1.27780.
