FxWirePro: USD/CAD trades slightly lower, markets eye Canada CPI data
USD/CAD ws trading high for thrd consective week and jumped more than 150 pips this week. The main reason for the weakness in Canadian dollar is increasing trade war and more hawkish Fed.The major event which is to be ha…
USD/CAD ws trading high for thrd consective week and jumped more than 150 pips this week. The main reason for the weakness in Canadian dollar is increasing trade war and more hawkish Fed.The major event which is to be happened today is OPEC meeting and Canadian infaltion data to be released today. The pair hits high of 1.33352 and shown a minor decline.Trade war fears and delay of NAFTA are the main issues dragging Canadian dollar. It is currently trading around 1.3280.
WTI Crude oil prices has shown a minor recovery after hitting low of $64.49.Markets eyes OPEC meeting whihc is happening in Vienna. It is currently trading around $66.50.
Technically near term resistance is around 1.3350 and any convincing break above targets 1.3400/1.3500.
On the lower side, near term support is around 1.3250 and any convincing break below will drag the pair down till 1.3199 (7- day MA)/1.3130.
It is good to buy on dips around 1.3255-60 with SL around 1.31990 for the TP of 1.3350/1.3400.
