FxWirePro: USD/CAD trades weak on strong crude oil, good to sell on rallies
Major intraday support – 1.2830 (trend line joining 1.27850 and 1.2804). USDCAD has shown a minor decline from the high of 1.2880 at Dec 8th 2017. Canadian dollar minor strength was mainly due to strength in crude oil pr…
Major intraday support – 1.2830 (trend line joining 1.27850 and 1.2804).
USDCAD has shown a minor decline from the high of 1.2880 at Dec 8th 2017. Canadian dollar minor strength was mainly due to strength in crude oil price. Brent crude crossed above $65 after North Sea Forties pipeline system shut for weeks. The pair breaks major intraday support 1.2830 and declined till 1.28132. It is currently trading around 1.28171.
On the lower side, near term major support is around 1.2800 and any violation below will drag the pair to next level till 1.2755/1.2700. Short term bullish invalidation only below 1.2600.
The near term resistance is around 1.2880 and any break above targets 1.2925 (50% fibo)/1.3000.
It is good to sell on rallies around 1.2835-1.2840 with SL around 1.2880 for the TP of 1.2755.
