fXWirePro: USD/CAD trades below major support at 1.3160, dip till 1.2968 likely
USD/CAD has broken temporary support of 1.31650 low made on Jun 14th 2017 after 8 days of consolidation. The pair declined till 1.31286 and is currently 1.31464 . Canadian dollar hits four month high against U.S dollar o…
USD/CAD has broken temporary support of 1.31650 low made on Jun 14th 2017 after 8 days of consolidation. The pair declined till 1.31286 and is currently 1.31464
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Canadian dollar hits four month high against U.S dollar on firmed oil prices and softer green back.
WTI crude oil jumped slightly after hitting a 10 month low of $42 on account of short covering and weak U.S dollar .But upside is limited as US API inventories shows a sudden jump in crude inventories compared to forecast of 3.25 million barrels.
Any break below temporary bottom confirms continuation of bearish trend, a decline till 1.2965 is likely.
On the higher side, minor bullishness can be seen only above 1.3350 level. Any violation above that level will take the pair till 1.3430/1.3500.
It is good to sell on rallies around 1.3175-1.3180 with SL around 1.3260 for the TP of 1.3000/1.2968.
