FxWirePro: USD/CAD trades lower rising crude oil, good to buy on dips
USD/CAD has declined sharply more than 250 pips on account of good jump in oil prices and ongoing Middle East tension. The pair hits low of 1.25540 and is currently trading around 1.25608. The easing of fears over the fu…
USD/CAD has declined sharply more than 250 pips on account of good jump in oil prices and ongoing Middle East tension. The pair hits low of 1.25540 and is currently trading around 1.25608. The easing of fears over the future of the North American Free Trade Agreement also supporting prices of CAD.
WTI Crude oil prices jumped more than 9% in this week and hits high of $67.73 on account of tension in Middle East and shrinking global oil inventories. It is currently trading around $66.94.
Technically near term resistance is around 1.2625 and any break above targets 1.26505 (38.2% fibo)/1.2700/1.27200. Overall bullish continuation only above 1.3125.
On the lower side, near term support is around 1.2550 and any break below will drag the pair down till 1.2500/1.24500.
It is good to sell on rallies around 1.2605-10 with SL around 1.2635 for the TP of 1.2550/1.2500.
