- USDCAD has formed a bottom around 1.24132 on Jul 26th 2017 and slight recovering from that level. The pair broken minor trend line resistance at 1.2525 and jumped till 1.25859. It is currently trading around 1.25676.
- The minor rise in USD/CAD was mainly due to slight weakness in oil price. WTI crude oil price declined slightly after showing a minor jump above $50. Short term trend of WTI crude oil is bullish as long as support $47.32 holds.
- On the higher side, the pair has breached 1.25761 high made on Jul 27th 2017 and this confirms minor bullishness, a jump till 1.2635/1.2765 (38.2% retracement of 1.3346 and 1.2412) likely.
- The near term major support is around 1.2412 and any break below will drag the pair down till 1.2048. The minor support is around 1.2510 (200- H MA)/1.2460.
It is good to buy on dips around 1.2560-65 with SL around 1.2510 for the TP of 1.2635/1.2750.
Resistance
R1- 1.2635
R2 -1.2700
R3- 1.2765
Support
S1-1.2510
S2-1.2440
S3-1.2412
