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FxWirePro: Loonie takes support near 100-day MA,good to buy on dips
Loonie was trading extremely higher in month of Dec 2018. the main reason for huge decline in Canadian dollar was major sell-off in crude oil prices and slight dovish Bank of Canada and global stock market meltdown. The pair hits high of 1.36615 and shown a decline of more than 3.5% recovery. Bank of Canada has kept its interest rates unchanged at 1.75% and downgraded economic outlook on falling oil price. Crude oil price has fallen more than 40% in the past three months on increase in supply and trade war between US and China. The pair hits low of 1.31800 and is currently trading around 1.32920.
Brent crude oil has jumped nearly $5 in previous week biggest weekly gain in two years. The commodity hits the high of $61.60 on account Saudi production cuts and easing trade war between US and China. But weak Chinese trade data released today was weaker than expected is putting pressure on crude oil.
The near term resistance is around 1.3300 (23.6% fib) and any violation above targets 1.3320/1.3370/1.3425.
On the lower side, near term support is around 1.3165 (100-day MA) and any break below targets 1.3070 (200- day MA)/1.3050.
It is good to buy on dips around 1.3220 with SL around 1.3160 for the TP of 1.3400.
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