Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/CAD trades higher on weak crude oil price, good to buy on dips

  • USD/CAD is consolidating in narrow range after hitting high of 1.26131. The pair jumped almost 360 pips form the low of 1.22472. The jump in prices was mainly due to rise in US 10 year bond yields and declining crude oil prices. It is currently trading around 1.26068.
     
  • US 10 year bond yield once again sparked till 2.88% and hits a 4- year high. The reason for rise in yields is due to increase in inflation and that will increase chance of rising interest rates by Fed.
     
  • Oil prices declined almost $7 for the month of Feb and hits one month low on declining US stock market. US Dow jones has shown a huge sell-off almost more than 1000 points.  The increase in US crude production also supporting price decline. It surpasses 10 million barrels hits high of h of 10.25 million barrels per day. The commodity hits low of $61.31 and is currently trading around $61.63.
     
  • On the higher side, major resistance is around 1.2600 and any break above will take the pair till 1.2660/1.2700.
     
  • The near term support is around 1.2535 (55- day EMA) and any break below will take the pair till 1.2500/1.2435.

It is good to buy on dips around 1.2575-80 with SL around 1.2535 for the TP of 1.2660/1.2700.

 

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

2018-08-21 15:31:23
0m

August 21 12:55 UTC Released

USRedbook YY

Actual

4.7 %

Forecast

Previous

4.5 %

August 21 12:55 UTC Released

USRedbook MM

Actual

0.2 %

Forecast

Previous

0.1 %

January 31 00:00 UTC 291869291869m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 291869291869m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 303689303689m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 291869291869m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 303689303689m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 291869291869m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 291869291869m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 291869291869m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.