FxWirePro: USD/CAD hits fresh 14 month high, good to buy on dips
USD/CAD breaks previous high of 1.37574 made on May 2nd 2017 and jumped till 1.37934 on account of weak crude oil prices. Oil prices extends its overnight loss and breaks the yesterday low of $45.26 and declined till $43…
USD/CAD breaks previous high of 1.37574 made on May 2nd 2017 and jumped till 1.37934 on account of weak crude oil prices.
Oil prices extends its overnight loss and breaks the yesterday low of $45.26 and declined till $43.73 at the time of writing on account of growing fears over increasing supply. Oil has been under pressure in recent weeks that increased shale production derailing efforts by other major producers.
Lonnie is facing strong psychological resistance at 1.3800 and any break above targets 1.38288 (61.8% retracement of 1.36054 and 1.2498)/1.39115.
On the lower side, 1.3700 (4H 21 EMA) will be acting as near term support and any break below targets 1.3645 (55- 4H EMA)/1.3595. Minor weakness can be seen below 1.35295 (Apr 27th 2017 low).
It is good to buy on dips around 1.3700 with SL around 1.3645 for the TP of 1.3795/1.38280.
