CAD recovers slightly after hitting 3- week high on account of slight rebound in Turkish lira. Turkish lira has rebounded more than 10% from the low of 7.0160. The pair declined more than 100 pips from the high of 1.31700.The rally in Canadian dollar is simply a relief rally.
WTI crude has shown a decline of more than $2 from yesterday high of $68.57 on account of rising crude inventory . According API US crude stocks rose by 3.7 million barrels. It hits low of $66.20 and is currently trading around $66.32.
On the higher side, near term resistance is around 1.3125 (50- day MA) and any break above targets 1.3180 (50% fib)/1.3290/1.3380 level.
The near term support is around 1.3060 and any break below targets 1.3000/1.2960 (100- day MA).
It is good to buy on dips around 1.3045-50 with SL around 1.3000 for the TP of 1.3180
