Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/CAD bulls undeterred, eyes 38.2%fib resistance

• USD/CAD rose on Tuesday  as lower oil prices and stronger greenback weighed on commodity lined Canadian dollar  .

• The U.S. dollar strengthened against a basket of major currencies as investors anticipated Wednesday's U.S. inflation data, which could influence expectations for the Fed’s rate cut trajectory.

• U.S. crude oil futures declined by 3.6% to $66.23 per barrel, with the market weighed down by a weaker demand outlook and ongoing concerns about global oversupply.

•  Technical highlight upside risks for USD/CAD, with momentum studies, 5, 10 and 11 DMAs tracking north.

•  Immediate resistance is located at 1.3609(38.2%fib), any close above will push the pair towards 1.3653(50%fib).

• Support is seen at 1.3552 (23.6%fib) and break below could take the pair towards 1.3500(Psychological level).

Recommendation: Good to buy  around 1.3610, with stop loss of 1.3550 and target price of 1.3680

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.