Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/CAD hits new 12- year high, good to buy at dips

  • Loonie hits new 12- year high around 1.4108 yesterday and closed around 1.4075.
     
  • The currency has been hammered heavily due to weak oil price, poor prospects for domestic economic growth and the policy divergence between US Fed and BOC .
     
  • The CAD dropped more than 16 per cent against the [U.S. dollar] in 2015 and has fallen more than 30 per cent over the past three years.
     
  • Loonie has broken major resistance 1.4120 and jumped till 1.4144 at the time of writing. It is currently trading around 1.4140.
     
  • Any break above 1.4120 confirms further bullishness, a jump till 1.4536/1.4980 is possible.
     
  • On the lower side major weakness can be seen only 1.3800 and any break below 1.3800 targets 1.3690/1.3550. The minor support is around 1.4040 and break below will drag the pair down till 1.3980/1.3927/1.3880.

It is good to buy at dips around 1.410 with SL around 1.3980 for the TP of 1.4500

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.