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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 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.

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