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FxWirePro:USD/CAD hits 1-week high on weak Canadian manufacturing sales, good to buy on dips

USDCAD has jumped sharply more than 100 pips after Canadian manufacturing sales data. Canadian manufacturing sales came at -1.3% in Dec compared to forecast of 0.3%.Statistics of Canada says that sales were down in 12 of 21 industries tracked. The pair has formed temporary top around 1.36648 on Jan 2nd on account of better than expected Canadian economic data and jump in crude oil price and declined till 1.30685. The pair hits intraday high of 1.3340 and is currently trading around 1.33110.

 

Crude oil prices is trading higher for the day and hits 10 day high on US -China trade optimism , US sanctions on Venezuela.Brent has jumped more than $14 from low of $50.29 low made on Dec 26th 2018. It is currently trading around $64.79.

 

On the higher side, near term resistance is around 1.3320 and any break above will take the pair to next level till 1.3380/1.3435/1.3500.

 

The major support is at 1.3230 and any violation below will drag the pair down till 1.3190/1.3130 (200- day MA)/1.3079.

 

It is good to buy on dips around 1.3230 with SL around 1.3185 for the TP of 1.3380/1.3435.  

 

 

 

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