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FxWirePro: USD/CAD Double Top and Long legged Doji

Wednesday, October 18, 2017 9:00 AM UTC

USD/CAD has declined sharply once again after hitting high of 1.25908 yesterday on strong crude oil prices. Lonnie has dipped till 1.24875 and is currently trading around 1.25235.
Crude oil price rose yesterday on news that Iraqi military has seized control of Kirkuk and two oil fields shut down increases supply disruptions.
The API data from US overnight showed that U.S inventories fell by 7.1 million barrels in the week to Oct to 463.1 million barrels.
The near term major resistance is around 1.2600 and any bullish continuation can be seen only above that level. Any break above 1.2600 will take the pair to next level 1.2660/1.2700.
On the lower side, 1.2460 (34- day EMA) will be acting as near term support and any break below will drag the pair to next level till 1.24300/ 1.23925 (38.2% retracement of 1.20613 and 1.25908)/1.2340.

It is good to sell on rallies around 1.2550 with SL around 1.2600 for the TP of 1.2465/1.2400.

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FxWirePro: USD/CAD Double Top and Long legged Doji

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