Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USDCAD trades slightly on rising oil price, good to buy on dips

USDCAD recovers sharply from low of 1.3277 made on Apr 17th 2019 amid rising oil price. US dollar index was trading higher in past 1-week on account of strong US economic data. It hits high of 1.33996 and is currently trading around 1.33643.

WTI crude jumped more than 3% after US Secretary of State Mike Pompeo said that from May 2 state department will no longer grant sanctions waivers for Iran sanctions. It hits intraday high of  $65.97 and is currently trading around $65.60.

On the lower side, near term support is around 1.3359 (20- day MA) and any break below will drag the pair to next level till 1.3320/1.32744.Any break below 1.32685 will take the pair to next level till 1.3230/1.3200.

The near term resistance is around 1.3403 and any break above targets 1.3450/1.34680.

It is good to buy on dips around 1.3320 with SL around 1.3275 for the TP of 1.34675.

 

  

  • Market Data
Close

Welcome to EconoTimes

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