USD/CAD was trading higher and hits two month high on account of slightly weak Canadian economic data. The pair has broken major resistance 1.26600 and jumped till 1.26930. Markets expects the Bank of Canada to keep inte…
USD/CAD was trading higher and hits two month high on account of slightly weak Canadian economic data. The pair has broken major resistance 1.26600 and jumped till 1.26930.
Markets expects the Bank of Canada to keep interest rates on hold after back to back interest rates hike as economic data released in this month shows slowness of growth in the third quarter. The recent release of retail sales and inflation confirms weakness in the economy and further chance of rate hike is very less.
The crude oil prices inched up on Tuesday after decline in southern Iraq exports. The commodity jumped till $52.59 and is currently trading around $52.20. It is facing major resistance at $52.83. Any break above $52.83 will take the oil to next level till $53/$53.75.
On the lower side, near term support is around 1.2660 (resistance turned into support) any break below will drag the pair to next level till 1.2600/1.2560 (7- day MA).
It is good to buy on dips around 1.2650 with SL around 1.2600 for the TP of 1.2770.
