FxWirePro: USD/CAD trades weak on higher oil price, good to sell on rallies
Canadian dollar recovered slightly from the one month low of 1.25971 made on Friday yesterday on strong crude oil prices. The pair declined till 1.24948 and is currently trading around 1.2550. WTI crude oil has shown a h…
Canadian dollar recovered slightly from the one month low of 1.25971 made on Friday yesterday on strong crude oil prices. The pair declined till 1.24948 and is currently trading around 1.2550.
WTI crude oil has shown a huge jump today after hitting low of $49.11 yesterday on account of further output cut hopes by OPEC and also due to Hurricane Nate. Almost 92.61% of crude oil production capacity in the Gulf of Mexico was shut in.
On the higher side, near term resistance is around 1.2560 and any convincing close above will take the pair to next level till 1.26000/1.266 (Aug 31st 2017 high)/1.2700.
The near term support is around 1.2480 and any break below will drag the pair down till 1.2460/1.24180.
It is good to sell on rallies around 1.2500 with SL around 1.2550 for the TP of 1.24180.
