USD/CAD faces strong resistance at 1.3000, break above targets 1.314
Major support – 1.2920. USD/CAD is consolidating after hitting high of 1.29843 on Tuesday. The main reason for dip in Canadian dollar is hawkish tone by Bank of Canada governor Poloz in a speech at Queen’s university in …
USD/CAD is consolidating after hitting high of 1.29843 on Tuesday. The main reason for dip in Canadian dollar is hawkish tone by Bank of Canada governor Poloz in a speech at Queen’s university in Kingston. He mentioned that economy has expanded without triggering inflation. The pair shown a minor profit booking till 1.29212. It is currently trading around 1.29521.
Oil price is trading slightly weak which is also supporting USD/CAD bullish trend. WTI crude oil price has declined almost $1.29 yesterday on account of weaker than expected US EIA inventory data. Crude inventories rose by 5 million barrels in the week of compared to forecast of 2 million barrels.
On the higher side, major resistance is around 1.3000 and any break above will take the pair till 1.3062/1.3130.
The near term support is around 1.2920 and any break below will take the pair till 1.2860/1.2800.Short term bearish continuation only below 1.2800.
It is good to buy above 1.3000 with SL around 1.2945 for the TP of 1.3140.
