USD/CAD has shown a minor jump almost 115 pips on Friday after better than expected US building permits and housing starts. The pair hits intraday high of 1.25574. It is currently trading around 1.2550. US housing starts…
USD/CAD has shown a minor jump almost 115 pips on Friday after better than expected US building permits and housing starts. The pair hits intraday high of 1.25574. It is currently trading around 1.2550.
US housing starts jumped almost 10% in Jan to an annual rate of 1.33 million and building permits also hit a 101/2 high to 1.40 M compared to forecast of 1.29 M.
Oil prices has shown a good recovery from the low of $58.05. Crude oil prices has shown a good recovery and broken 233- day MA at $62.14 and jumped till $ 62.52. The upside is limited as US crude production notched a record 10.25 mbpd last week.
On the higher side, major resistance is around 1.2560 and any break above will take the pair till 1.2600/1.26490/1.26880.
The near term support is around 1.2450 (50% fibo) and any break below will take the pair till 1.2435/1.2355. Overall bearish continuation only below 1.2245.
It is good to buy on dips around 1.2545-50 with SL around 1.2645 for the TP of 1.2600/1.2660.
