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FxWirePro:USD/CAD trades lower on US-China trade deal hopes and broad-based US dollar selling, good to buy on dips

USD/CAD declines more than 70 pips after a good recovery till 1.34250 from low of 1.32530. The slight decline in Lonnie was due to US-China trade deal hopes. The signs of easing industrial policy by China for “Made in China 2025” and strong buying of more than 2 million tons of Soybean by China is also supporting Canadian dollar. Loonie hits 6-month high at 1.3449 and has become trend less after a good jump of more than 250 pips from low of 1.31599.The pair hits intraday low of 1.33226 and currently trading around 1.33590.

 

Brent crude oil price is trading steady after hitting low of $57.53. US EIA crude oil inventory came at -1.2 M compared to forecast of -3.0 M and previous week is at -7.3 million.It has jumped till $63.67 and is currently trading around $59.94.

 

On the lower side, near term major support is around 1.3320 and any break below will drag the pair till 1.3250/1.3160.

 

The pair is facing major resistance around 1.3450 and any break above targets 1.3500/1.3585 is possible.

 

It is good to buy on dips around 1.3300 with SL around 1.3250 for the TP of 1.3500.

 

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