- US dollar recovered after making a minor bottom around 1.31640 on account strong U.S data and weak crude oil prices. Loonie recovered till 1.33085 and is currently trading around 1.32268.
- CAD rally against dollar ended on Wed after fed hiked interest rates and delivered its own hawkish tone which supported the greenback. Intraday trend is still bearish as long as 1.3380 holds.
- The near term support is around 1.3220 and break below confirms start of minor bearishness. Any break below minor bottom 1.31640 will drag the pair till 1.2968 level. Any close below confirms the top formed at 1.37935 and a decline till 1.2968 (Jan 31st 2017 low) likely.
- On the higher side, near major resistance is around 1.3330 (200- day MA) and any break above confirms minor bullishness and a jump till 1.3380/1.3480/1.3570 is likely.
It is good to sell on rallies around 1.3275-1.3280 with SL around 1.3340 for the TP of 1.3000/1.2968.
