FxWirePro: USD/CAD upside capped by 23.6% fibo, good to buy on dips
USD/CAD has made a high of 1.27145 and slightly declined from that level till 1.26510 at the time of writing on account slight increase in crude oil price. The pair declined till 1.2650 at the time of writing on and is c…
USD/CAD has made a high of 1.27145 and slightly declined from that level till 1.26510 at the time of writing on account slight increase in crude oil price. The pair declined till 1.2650 at the time of writing on and is currently trading around 1.26735.
US crude oil prices has shown huge jump till $49.76 at the time of writing and slightly declining from that level. Major support is around $47.89 (Jun 26th low) and any minor weakness can be seen below that level.
Lonnie has closed slightly above 21- day EMA at 1.26778 yesterday and this confirms minor bullishness a jump till 1.2770 (38.2% retracement ) 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 1.26500 with SL around 1.2620 for the TP of 1.2740/1.27780.
