The dollar hit an almost three-week low against a basket of major currencies on Monday ahead of this week's Federal Reserve meeting.
- Brent crude oil fell on Monday as weaker-than-expected Chinese data weighed on markets, adding to concerns that declining global demand would exacerbate a surplus of crude
- USD/CAD edged lower, but elicited support at 1.3226 (Asia low) during the European session, 1.3257 was the European am high
- The pair currently trades at 1.3255, kijun line at 1.3153 continues to underpin spot which means the overall bias is still on the upside
Recommendation: Good to buy dips around 1.3200, SL: 1.3150, TP: 1.3260
Resistance Levels:
R1: 1.3257 (Daily High Sep 14)
R2: 1.3310 (Daily Highs Sep 7/8/11)
R3: 1.3325 (Daily High Sep 2)
Support Levels:
S1: 1.3225 (Session Low Sep 14)
S2: 1.3216 (Daily Low Sep 11)
S3: 1.3214 (21-Day MA)
