FxWirePro: USD/CAD recovers on weak oil prices, good to sell on rallies
US dollar pulled back from three and half month high on account of decline in oil prices and interest rate hike by U.S Fed. Loonie hits low of 1.31650 and shown a minor jump from that level. It is currently trading aroun…
US dollar pulled back from three and half month high on account of decline in oil prices and interest rate hike by U.S Fed. Loonie hits low of 1.31650 and shown a minor jump from that level. It is currently trading around 1.32372.
BOC chance of rate hike this year have surged 87% after better than expected Canadian jobs data. Crude oil prices slumped to their lowest in seven months after unexpected buildup in inventories.
USD/CAD broken the major support 1.3220 and declined slightly from that level. Any close below confirms the top formed at 1.37935 and a decline till 1.2968 (Jan 31st 2017 low) likely.
On the higher side, near major resistance is around 1.3325 (200- day MA) and any break above confirms minor bullishness and a jump till 1.3380/1.3480/1.3570 is likely.
It is good to sell on rallies around 1.3245-1.3250 with SL around 1.3325 for the TP of 1.3000/1.2968.
