FxWirePro: USD/CAD recovers on weak Canada’s factory orders, good to buy on dips
USD/CAD recovered sharply after weaker than expected Canada factory orders. The pair jumped almost 170 pips and is currently trading around 1.28572. Canadian manufacturing sales has declined 0.4% compared to forecast of …
USD/CAD recovered sharply after weaker than expected Canada factory orders. The pair jumped almost 170 pips and is currently trading around 1.28572.
Canadian manufacturing sales has declined 0.4% compared to forecast of 0.8% increase. The reason for decline was due to weak sales in autos and other transportation.
Crude oil has taken support near trend line and shown a minor jump from that level7 and has shown a minor jump from that level. The key pipeline Forties closure is supporting the oil prices which carries 40% of UK’S North Sea.
Technically, near term support is around 1.2800 and any break below will drag the pair till 1.2745/1.2715 (55- day EMA). Short term weakness only below 1.26000.
On the higher side, near term major resistance is around 1.2928 and any break above will take the pair to next level till 1.3000/1.3050.Bullish continuation can be seen only above 1.2925.
It is good to buy on dips around 1.2805 with SL around 1.2745 for the TP of 1.2928/1.3000
