FxWirePro: USD/CAD hits 11-year high on weak crude oil prices, good to buy at dips
USD/CAD has gained today to its highest level since June 2004 as oil hits new year low. WTI Crude Oil has broken previous low of $38.24 and declined till $37.63 (2015 low). The pair has broken major resistance 1.3456 and…
USD/CAD has gained today to its highest level since June 2004 as oil hits new year low.
WTI Crude Oil has broken previous low of $38.24 and declined till $37.63 (2015 low). The pair has broken major resistance 1.3456 and jumped till 1.3555.
Overall trend is still bullish as long as support 1.3450 holds.
On the lower side minor support is around 1.3500 and any break below targets 1.3480/1.3450.
The pair's resistance is around 1.3550 and break above targets 1.3694/1.3840.
It is good to buy at dips around 1.3500 with SL around 1.3450 for the TP of 1.3690
