FxWirePro: USD/CAD trades well above 21- day EMA, jump till 1.2800 likely
USD/CAD has broken the high of 1.27145 made on Aug 7th 2017 and jumped till 1.27349 at the time of writing. The pair formed a minor bottom around 1.2650 and is currently trading around 1.27245. US crude oil prices jumped…
USD/CAD has broken the high of 1.27145 made on Aug 7th 2017 and jumped till 1.27349 at the time of writing. The pair formed a minor bottom around 1.2650 and is currently trading around 1.27245.
US crude oil prices jumped sharply yesterday on better than expected crude inventories. Crude inventories has fallen by 6.5 million barrels to 1.15 million barrels. The near term major resistance is around $50.40 and any break above will take the US oil till $51.97. Major support is around $47.89 (Jun 26th low) and any minor weakness can be seen below that level.
Lonnie is facing strong resistance at 1.2745 (23.6% retracement of 1.27960 and 1.24194) and this confirms minor bullishness a jump till 1.2770/1.2850 (38.2% retracement of 1.3547 and 1.24132) likely.
On the lower side, any break below 1.2620 confirms intraday weakness, a decline till 1.2550 /1.2527 (10- day MA) is possible.
It is good to buy on dips around 1.27000 with SL around 1.2650 for the TP of 1.27780/1.2800.
