FxWirePro: USD/CAD hits 1-1/2 month high, good to buy on dips
USD/CAD is continuing its bullish trend for fifth consecutive day. The pair has broken major resistance 1.26886 high made on Feb 9th 2018 and jumped till 1.2705 at the time of writing. It is currently trading around 1.27…
USD/CAD is continuing its bullish trend for fifth consecutive day. The pair has broken major resistance 1.26886 high made on Feb 9th 2018 and jumped till 1.2705 at the time of writing. It is currently trading around 1.27023. The good jump in USD/CAD yesterday was due to hawkish Fed minutes statement. The central bank is expected to hike more than three rate hike. DXY is trading flat after hitting high of 90.24 and is trading at 90.16 0.04% higher.
Oil prices continuing its weakness after hitting high of $62.62. US crude inventory release by American petroleum institute shows a small draw of 907000 barrels compared to forecast of 1.33 million barrels addition. Crude oil prices hits low of $60.79 and is currently trading around $60.98.
On the higher side, major resistance is around 1.2700 and any break above will take the pair till 1.2760/1.2800.
The near term support is around 1.2660 (hourly Kijun-Sen) and any break below will take the pair till 1.2600/1.2578 (233- H MA). Overall bearish continuation only below 1.2245.
It is good to buy on dips around 1.2640-45 with SL around 1.2580 for the TP of 1.2735/1.2780.
