Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/CAD trades in narrow range, market awaits BOC rate decision for further direction

  • CAD is consolidating in narrow range after hitting low of 1.28590. The pair is trading between 1.28590 and 1.29324. It is currently trading around 1.29142.
     
  • Market awaits BOC monetary policy meeting tomorrow for further direction. Any hike in the rate will take the pair to new 10- month low.
     
  • On the higher side, major resistance is around 1.3000 and any break minor bullishness can be seen only above that level. Any break above will take the pair till 1.3045 (38.2% retracement of 1.33475 and 1.2856)/1.3100. The minor resistance is around 1.2325 (21- 4H EMA).
     
  • The near term support stands at 1.2825 (Jun 9th 2017 low) and any break below will drag the pair till 1.27635.

It is good to sell on rallies around 1.2940-45 with SL around 1.300 for the TP of 1.2825/1.2765

 

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.