FxWirePro: USD/CAD trades higher on weak oil price, good to buy on dips
Canadian dollar recovered slightly from the one month low of 1.25971 made yesterday after a slight better than expected Canadian employment data. The pair declined till 1.25250 and is currently trading around 1.2554. Can…
Canadian dollar recovered slightly from the one month low of 1.25971 made yesterday after a slight better than expected Canadian employment data. The pair declined till 1.25250 and is currently trading around 1.2554.
Canada’s economy has added 10000 jobs in Sep below forecast of 14500. But wage growth increased more than expected.
WTI crude oil prices declined sharply from the high of $50.79 as tropical Storm Nate approached the US Gulf coast. The commodity dipped till $49.11 and is currently trading around $49.34.
On the higher side, near term resistance is around 1.2600 and any convincing close above will take the pair to next level till 1.266 (Aug 31st 2017 high)/1.2700.
The near term support is around 1.2518 (55- day EMA) and any break below will drag the pair down till 1.2460/1.24180.
It is good to buy on dips around 1.2545 with SL around 1.2490 for the TP of 1.2600/1.2660.
