Crypto Technicals: ETH/USD fails to extend recovery, resumes weakness, trendline support at 158 in sight
FxWirePro: USD/SGD hits fresh 3 – month low at 1.3635 mark, sustained close below targets 1.3580 mark
USDCAD extends weakness below trend line support, dip till 1.3055 likely
USDCAD continues to trade lower for the 2nd consecutive week and lost more than 250 pips from a previous week high of 1.34324. The broad-based USD selling and rising crude oil price. The US dollar index has started to trade extremely lower after the dovish Fed. Crude oil prices jumped nearly 9% in the previous week on Middle East tension escalation. The oil hits an intraday high of $58.20 and is currently trading around $57.83.
Markets eye OPEC meeting which is to be scheduled on Jul 1-2nd for further direction.
Technically, near term support is previous week low 1.3150 and any violation below will drag the pair till 1.31150 (200- W MA). Any close below will target 1.30680 (Jan 2019 low).
The near term resistance is around 1.3230 (55- W EMA) and any jump above that level will take USDCAD till 1.3275/1.3310.
It is good to sell on rallies around 1.3230-35 with SL around 1.3280 for the TP of 1.3120.