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FxWirePro: USDCAD hits 4-week high, jump till 1.3385 likely

USDCAD continues to trade higher and hits 4-week high onboard- based US dollar buying. The Canadian economy has lost 18000 jobs in Oct first decline since Jul 2019. This increased hopes of rate cut by BOC in the coming months. It hits a high of 1.32667 and is currently trading around 1.3641.

 

The WTI crude oil price is trading lower after hitting highs of $57.84 on US-China trade uncertainty. Any minor weakness can be seen only below $55.70, markets eye EIA crude inventory for further movement.

 

On the flip side, near -term support is around 1.3180, any break below will take the pair to next level till 1.3135/1.3090. Major bearish continuation only under 1.3020.  

 

The pair's upside limited at 1.3275 (200- day MA ) and break over that level targets 1.3300. Major trend reversal will happen if it crosses 1.33850.

 

It is good to buy on dips around 1.3240-45 with SL around 1.3200 for the TP of 1.3380.

 

By Rangarajan Hariharan
  • Market Data
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