FxWirePro: USD/CAD struggles to close above 1.2900, good to buy on dips
USD/CAD has shown nice recovery of almost 190 pips from low of 1.27289 made on Friday. A slight weaker than expected Canadian jobs data and rising US 10 year bond yield has dragged the Canadian dollar down from three wee…
USD/CAD has shown nice recovery of almost 190 pips from low of 1.27289 made on Friday. A slight weaker than expected Canadian jobs data and rising US 10 year bond yield 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 1100 compared with an increase of 16000. Loonie hits high of 1.29245 yesterday and is currently trading around 1.28591.
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 1.2925 and any convincing break above targets 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 1.2825-30 with SL around 1.2770 for the TP of 1.2990.
