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FxWirePro: Loonie Daily Outlook

Major Resistance - 1.3300

 

Loonie halted its weakness and was trading higher for past three trading sessions. The main reason for huge decline in US dollar was broad based US dollar selling and dovish Fed comment. But crude oil price and Bank of Canada is expected to put pressure on Canadian dollar.The pair hits low of 1.317 and shown a minor recovery. Bank of Canada has kept its interest rates unchanged at 1.75% and downgraded economic outlook on falling oil price. Crude oil price has fallen more than 40% in the past three months on increase in supply and trade war between US and China.

 

Brent crude oil has jumped nearly $5 in previous week biggest weekly gain in two years. The commodity hits the high of $62.60 on account Saudi production cuts and easing trade war between US and China. But weak Chinese trade data released today was weaker than expected is putting pressure on crude oil.

 

The near term resistance is around 1.3300 (23.6% fib) and any violation above targets 1.3320/1.3370/1.3425.

 

On the lower side, near term support is around 1.3165 (100-day MA) and any break below targets 1.3070 (200- day MA)/1.3050.

 

It is good to buy on dips around 1.3220 with SL around 1.3160 for the TP of 1.3400.

 

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