FxWirepro: Cable Heads Towards Major Resistances, Consolidation Looks Healthy, Flurry of Bearish Candles Threaten – Trading & Hedging Setup
FxWirePro: USDCAD Daily Outlook:
USDCAD trades weak for 3rd consecutive week and lost more than 150 pips on broad-based US dollar selling. DXY lost more than 60 pips after fed kept its rates unchanged at 1.75%, dot plot clearly shows Federal reserve signal's no rate cut next year. The pair hits low of 1.31584 and is currently trading around 1.31669.
WTI Crude was trading higher in the previous week and jumped more than 7% following OPEC agrees to cut more production. The commodity lost nearly $1 after EIA shows more build-up of inventory. It hits low of $58.09 and is currently trading around $58.84.
On the lower side, the pair is trading slightly below 1.31800 and this confirms minor weakness, a dip till 1.3135/1.3090 possible. Major bearish continuation only below 1.3020.
The near-term minor resistance is around 1.3230 and any break above targets 1.3270/1.3320. Trend reversal only above 1.3385.
It is good to sell on rallies around 1.3218-20 with SL around 1.3270 for the TP of 1.3090.