FxWirePro: USD/CAD regains upward movement after oil rebound fades
The USD/CAD surged higher on Wednesday, as oil prices plummeted towards 33.44 $ per barrel. Oil prices rebound waned in US session after data showed surprise drop in US crude stockpiles causing worries of global supply g…
The USD/CAD surged higher on Wednesday, as oil prices plummeted towards 33.44 $ per barrel.
Oil prices rebound waned in US session after data showed surprise drop in US crude stockpiles causing worries of global supply glut.The short term picture favors further advances, as the price is now well above 9 DMA, whilst the technical indicators slowly gaining strength. In the 4 hours chart, the MA's 55, 30, 20 is slowly changing direction towards upside. The RSI indicator is positive territory at 54.
To the upside, the strong resistance can be seen at 1.3860, a break above will take the pair towards next resistance level at 1.4933.
To the downside immediate support can be seen at 1.3766 levels, a break below will open the door towards next level at 1.3736.
Recommendation: Go long around 1.3750 targets 1.3850, 1.3950, SL 1.3770
