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FxWirePro:USD/CAD recovers from 1-week low on broad based US dollar buying, good to buy on dips

USDCAD has once again recovered more than 50 pips from the low on broad based US dollar buying. 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. The pair hits intraday high of 1.32735 and is currently trading around 1.32633.

 

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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