FxWirePro: USD/CAD declines slightly on rising crude oil prices, good to sell on rallies
Canadian dollar declined sharply biggest ever drop in eight months against dollar after BOC Governor Stephen Poloz dampened expectations for further interest rate hikes this year. Loonie hits high of 1.25194 at the time …
Canadian dollar declined sharply biggest ever drop in eight months against dollar after BOC Governor Stephen Poloz dampened expectations for further interest rate hikes this year.
Loonie hits high of 1.25194 at the time of writing and has shown a minor decline after a sudden spike in crude oil prices in the European session. WTI crude jumped till $52.83 on increasing tension in Iraqi Kurdistan.
On the higher side, near term resistance is around 1.2525 (55- day EMA) and any break above will take the pair to next level till 1.2600/1.266 (Aug 31st 2017 high).
The near term support is around 1.2400 (34- day EMA) and any break below will drag the pair down till 1.23600/1.23000.
It is good to sell on rallies around 1.2500 with SL around 1.2535 for the TP of 1.2405/1.2365.
