FxWirePro: USD/CAD trades in narrow range on Ester Monday, good to buy on dips
USD/CAD has declined slightly yesterday almost 78 pips. The pair hits high of 1.29399 on Thursday after weaker than expected Canadian GDP data. Canadian economy contracted 0.1% compared to forecast of 0.1%, first decline…
USD/CAD has declined slightly yesterday almost 78 pips. The pair hits high of 1.29399 on Thursday after weaker than expected Canadian GDP data. Canadian economy contracted 0.1% compared to forecast of 0.1%, first decline since Aug. The pair hits low of 1.28675 and is currently trading around 1.28698.
Oil price has jumped almost $1.70 from low of $63.70 on slight decline in US drilling activity. US drillers cut seven oil rigs in the week to Mar 29 to 797 from 804. It is currently trading around $64.33.
Technically near term resistance is around 1.29400 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.
