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FxWirePro: USD/CAD declines slightly on tariff exclusions, good to buy on dips

  • USD/CAD declined more than 100 pips yesterday after BOC monetary policy. The pair hits fresh 2018 high at 1.30013 and declined almost 1%. The pair’s weakness was mainly due to tariff exclusion on Canada and Mexico for steel and aluminum products. The pair hits low of 1.28657 yesterday and shown a minor jump. It is currently trading around 1.29281.
     
  • The Bank of Canada kept its key interest rate target on hold at 1.25%. But recent developments in trade policy will be major factors that affect the economy of Canada.
     
  •  Oil prices has shown minor jump after declining almost $1.50 yesterday. US crude has rose slightly less than expected at 2.4 million barrels compared to forecast of 2.6 million barrels. It is currently trading around $61.04.
     
  • On the higher side, major resistance is around 1.3000 and any break above will take the pair till 1.3000/1.3070.
     
  • The near term support is around 1.2868 (7- day MA) and any break below will take the pair till 1.2800/1.2760.Short term bearish continuation only below 1.2800.

It is good to buy on dips around 1.2915-20 with SL around 1.2860 for the TP of 1.3000/1.3070.

 

 

 

 

 

 

 

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December 19 15:30 UTC Released

USEIA Weekly Refining Util

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0.3 %

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0.4 %

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-0.4 %

December 19 15:30 UTC Released

USEIA Wkly Crude Cushing

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1.091 M

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1.148 M

January 31 00:00 UTC 464651464651m

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January 22 19:00 UTC 476471476471m

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January 22 19:00 UTC 476471476471m

ARTrade Balance

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-1541 %

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January 31 00:00 UTC 464651464651m

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January 31 00:00 UTC 464651464651m

ARAnnual Primary Balance*

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