- Canadian dollar rises to three week high yesterday after OPEC production deal got finalized.
- OPEC members agreed to cut oil production to 32.5 million barrels per day from the previous 33.7 million barrels per day.
- Loonie declined till 1.33578 and shown slight jump till 1.34630 yesterday. It is currently trading around 1.34126.
- On the lower side, next immediate support stands at 1.3320 (trend line joining 1.3398 and 1.33780) and any violation below will drag the pair down till 1.3260/1.32285 (61.8% retracement of 1.30060 and 1.35885).
- The pair next immediate resistance is around 1.35000 and any violation above will take the pair till 1.3560/1.35885 (Nov 14th high).
Economic data
US ISM manufacturing index (3:00pm GMT)
US Jobless claims (1:30pm GMT)
It is good to sell on rallies around 1.3460-1.3470 with SL around 1.3535 for the TP of 1.3320/1.3265.
