FxWirePro: USD/CAD forms double top around 1.2940, good to sell on rallies
USD/CAD has declined once again yesterday after showing a minor jump above 1.29400. The pair hits high of 1.29434 yesterday. The minor dip was due to slight weaker than expected US ISM manufacturing data. US ISM manufact…
USD/CAD has declined once again yesterday after showing a minor jump above 1.29400. The pair hits high of 1.29434 yesterday. The minor dip was due to slight weaker than expected US ISM manufacturing data. US ISM manufacturing data came at slightly weaker than expected. It came at 59.3 last month compared to 60.8 for the month of Feb. The pair hits low of 1.28667 and is currently trading around 1.28764.
Oil price has declined almost $2.50 from the yesterday high of $65.39 due to trade war between US- China and increasing Russian output. The commodity hits low of $62.84 and is currently trading around $63.32.
Technically near term resistance is around 1.29400 and any break above targets 1.2965/1.3000. Overall bullish continuation only above 1.3125.
On the lower side, near term support is around 1.2860 and any break below will drag the pair down till 1.2800/1.2760/1.2700.
It is good to sell on rallies around 1.2905-10 with SL around 1.2945 for the TP of 1.2815.
