- Canadian dollar continued its winning streak for the second consecutive week after hawkish comments by BOC previous week. US dollar shown a minor recover till 1.33080 after making a minor bottom around 1.31640. It is currently trading around 1.32325.
- CAD hits three month high against U.S dollar and rally happened despite weakness in crude oil prices. Crude oil prices is trading around 6- week low after US crude inventories came more than expected.
- The near term support is around 1.31640 low formed on Jun 14th 2017 and break below confirms bearish continuation. Any break below minor bottom 1.31640 will drag the pair till 1.2968 level. Any close below confirms the top formed at 1.37935 and a decline till 1.2968 (Jan 31st 2017 low) likely.
- The pair has shown minor bearish cross over (21 EMA crossing below 55 EMA) and this confirms minor weakness
- On the higher side, near major resistance is around 1.3330 (200- day MA) and any break above confirms minor bullishness and a jump till 1.3380/1.3480/1.3570 is likely.
It is good to sell on rallies around 1.3255-1.3260 with SL around 1.3330 for the TP of 1.3000/1.2968.
