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FxWirePro:USD/CAD Daily Outlook

  • USD/CAD has shown a minor jump after forming a temporary bottom around 1.24132. The pair jumped till 1.27780 and shown a minor decline from that level.
     
  • Canadian dollar rallied against U.S dollar on Fed minutes and Trump pressure Greenback. Markets also following North American Free Trade Agreement renegotiations which kicked off on Wednesday. Market awaits Canadian CPI data for further direction.
     
  • US Oil shown a minor recovery from the low of $46.44 on declining Saudi inventories. Saudi crude oil stock piles hit a 65- month low at 6.89 million bpd lowest since Jan 2012.
     
  • On the lower side, near term support stands around 1.2590 and any break below will drag the pair down till 1.2550 (61.8% retracement of 1.24138 and 1.27780)/1.2500/1.2460. Any minor weakness can be seen 1.24130.
     
  • The near term resistance is around 1.2700 and any break above will take the pair till 1.2755/1.2780 level.

It is good to sell on rallies around 1.2680-1.2685 with SL around 1.2745 for the TP of 1.2600

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