Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/CAD trades lower on higher oil prices, good to sell on rallies

  • USD/CAD is trading lower and intraday bias is weak as long as resistance 1.26910 holds. Lonnie has declined sharply on account of stronger crude oil prices. The pair formed a minor bottom around 1.2650 and is currently trading around 1.25812.
     
  • US crude oil prices jumped almost 3% on Friday on reports of a unit shut down at one of the largest oil refineries in the U.S. Market also watches geopolitical tensions between U.S and North Korea for further direction. Major support is around $46.50 and any minor weakness can be seen below that level.
     
  • Lonnie is facing strong resistance at 1.2745 (23.6% retracement of 1.27960 and 1.24194) and this confirms minor bullishness a jump till 1.2770/1.2850 (38.2% retracement of 1.3547 and 1.24132) likely.
     
  • On the lower side, any break below 1.2500 confirms intraday weakness, a decline till 1.2500/1.2415 .

It is good to sell on rallies around 1.26500 with SL around 1.27000 for the TP of 1.2550/1.2480

 

 

  • Market Data
Close

Welcome to EconoTimes

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