Technicals

Add as a preferred source on Google

FxWirePro: USDCAD holds above 1.4000 level, good to buy on dips

USDCAD surged after a minor consolidation and jumped sharply above 1.4000 level. The dip in crude oil prices and the spread of coronavirus is putting pressure on the Canadian dollar. The overall trend is still on the ups…

1 min read
FxWirePro: USDCAD holds above 1.4000 level, good to buy on dips
Image from the original EconoTimes article

Read the original article

USDCAD surged after a minor consolidation and jumped sharply above 1.4000 level. The dip in crude oil prices and the spread of coronavirus is putting pressure on the Canadian dollar. The overall trend is still on the upside as long as support 1.3720 holds.

 

WTI crude continues to trade lower after a minor jump till $30.30. Any break below $28 targets $26/$24.50.

 

On the flip side, immediate support stands at 1.3960 and any indicative break below that level will drag the pair down till 1.3880/1.3820.

 

The pair is holding well above 1.4000 level confirms a strong bullish trend and a jump till 1.4192 (261.8% projection of 1.2951 to 1.3329 from 1.3202 at 1.4192).

 

It is good to buy on dips around 1.4000 with SL around 1.3920 for the TP of 1.4190.

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560