FxWirePro: USD/CAD Daily Outlook

• USD/CAD has formed a bottom at 1.20613 on Sep 8th 2017 and is slightly consolidating from that level. The pair was trading weak for the past one month due to strong crude oil prices. It is currently trading around 1.219477.
   
• US oil broken the major psychological level at $50 and jumped till $50.47 in the previous week. Any convincing break above $50.50 will take the commodity to next level till $51.97.
   
• On the higher side, near term resistance is around 1.2240 (Sep 14th 2017 high) and any break above will take the pair till 1.2341 (38.2% retracement of 1.27782 and 1.20613)/1.2364 (20- day MA). The pair should break above 1.2425 for minor bearish invalidation.
   
• The near term support is around 1.21190 and any break below will drag the pair down till 1.20600/1.2000.

It is good to sell on rallies around 1.2235-1.2240 with SL around 1.2300 for the TP of 1.2060/1.2000.

 Resistance
               

R1- 1.2240

 

R2 1.2300
 

R3-1.2345
 

Support               
 

S1-1.2110
 

S2-1.2060
 

S3-1.2000