FxWirePro: USD/CAD recovers sharply from low of 1.27289, good to buy on dips
USD/CAD has shown nice recovery of almost 100 pips form low of 1.27289 made on Friday. A slight weaker than expected Canadian jobs data has dragged the Canadian dollar down from three week high. Canada jobless rate stabl…
USD/CAD has shown nice recovery of almost 100 pips form low of 1.27289 made on Friday. A slight weaker than expected Canadian jobs data has dragged the Canadian dollar down from three week high. Canada jobless rate stable at 5.8% in line with forecasts and employment number contracted by 1100compared with an increase of 16000. Loonie hits low of 1.28340 at the time of writing and is currently trading around 1.28450.
WTI Crude oil prices has once again broken $71 after a minor decline near $70. The main reason for jump is US Iran geopolitical issue. Iran is second largest producer of in OPEC. It hits high of $71.86 and is currently trading around $71.51.
Technically near term resistance is around 1.2865 and any convincing break above targets 1.2925/1.2965/1.300. Major bullish continuation only above 1.3125.
On the lower side, near term support is around 1.2710 (61.8% fibo) and any convincing break below will drag the pair down till 1.2660/1.2600.
It is good buy on dips around 1.2765-77 with SL around 1.2715 for the TP of 1.2990.
