Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USDCAD recovers till 100-day MA as crude oil plunges sharply, good to sell on rallies

USDCAD recovered sharply from multi month low and jumped more than 100 pips.The main jump was due to decline in oil price more than 7% from recent high of $54.80 on US-China trade war. Yesterday oil prices lost more than 4% after US EIA crude inventory data.It came at 2.2M compared to forecast of -1.0M.

 The major support is around 1.3265 (200- day MA) and any violation below will drag the pair to next level till 1.3200.Any major bearishness only below 1.3200.

 

The near term resistance is 1.3348 (100- day MA) and any convincing break above targets 1.3395 (55 day EMA)/1.3435.

 

It is good to sell on rallies around 1.3350 with SL around 1.3400 for the TP of 1.3205.

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.