FxWirePro: USD/CAD trades weak on higher oil price, good to sell on rallies
USD/CAD breaks major support of 1.3640 on account of rising crude oil prices .The pair declined till 1.36065 at the time of writing. It is currently trading around 1.36065. WTI Crude oil recovered sharply after hitting t…
USD/CAD breaks major support of 1.3640 on account of rising crude oil prices .The pair declined till 1.36065 at the time of writing. It is currently trading around 1.36065.
WTI Crude oil recovered sharply after hitting the low of $43.73 after Russia and Saudi back supply cut to be extended till Mar 2018.
USD/CAD formed a temporary top around 1.37935 on Friday and started to decline from that level. The pair broken the double bottom at 1.3640. Any break below confirms minor weakness a decline till 1.35295 (Apr 27th 2017). The major support is around 1.3530 (low made on Apr 27th 2017) and any break confirms that jump from 1.24607 comes to an end at 1.37935. Any break below will drag the pair down till 1.34100/1.32800 (38.2% retracement of 1.2460 and 1.37935).
The near term resistance is around 1.3750 and any break above will take the pair till 1.3800. Any close above 1.3838 (61.8% fibo) confirms bullish continuation.
It is good to sell on rallies around 1.3625-1.3630 with SL around 1.3700 for the TP of 1.3530/1.3410
