FxWirePro: USD/CAD takes support near trend line, good to buy on dips
USD/CAD has regained slightly yesterday after one week of decline. The pair hits high of 1.31250 and started to decline from the high. Canadian dollar has shown a good jump mainly due to rise in crude oil prices, an easi…
USD/CAD has regained slightly yesterday after one week of decline. The pair hits high of 1.31250 and started to decline from the high. Canadian dollar has shown a good jump mainly due to rise in crude oil prices, an easing of NAFTA deals and slight jump in Canadian inflation data. The pair hits low of 1.28150 and shown a minor recovery till 1.29085 of nearly 100 pips from that level. It is currently trading around 1.28770.
The pair has declined for intraday till 1.28632 and shown minor jump till 1.28811. Oil price has formed a temporary top around $66.52 and shown a more than 3% decline due to profit booking as oil rose more than 7% this month and is currently trading around $64.81.
Technically near term resistance is around 1.29221 (Mar 26th 2018 high) and any break above targets 1.2965/1.3000. Overall bullish continuation only above 1.3125.
On the lower side, near term support is around 1.2800 and any break below will drag the pair down till 1.2760/1.2700.
It is good to buy on dips around 1.2865 with SL around 1.2815 for the TP of 1.2962/1.3000.
