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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.

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2019-07-02 15:32:08
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2019-07-02 15:30:39
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July 2 15:00 UTC Released

DKCurrency Reserves

Actual

449.6 Stale

Forecast

Previous

451.7 Stale

July 2 13:45 UTC Released

USISM NY Biz Conditions

Actual

50 %

Forecast

Previous

48.6 %

January 31 00:00 UTC 764671764671m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 764671764671m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 776491776491m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 764671764671m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 776491776491m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 764671764671m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 764671764671m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 764671764671m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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