• FxWirePro: USD/CAD daily outlook

    Source: FxWire Pro - Technicals / 06 Mar 2018 08:01:25   Eastern Standard Time

    • USD/CAD continuing its bullishness and hits fresh 2018 high at 1.300 yesterday. The pair is showing a minor profit booking and declined almost 70 pips from the high. The Canadian dollar down almost 0.80% this month following 4.85% in previous month. It is currently trading around 1.29250.
    • The pair has broken minor trend line support at 1.2950 and also trading below hourly Tenkan-Sen and Kijun-Sen.
    •  Oil prices has shown a good recovery after hitting low of $ 60.17 on account of weak US dollar .But upside is expected to be capped due to higher US crude oil production and is currently trading around $62.82.     
    • On the higher side, major resistance is around 1.3000 and any break above will take the pair till 1.3000/1.3070.
    • The near term support is around 1.2920 (55- H EMA) and any break below will take the pair till 1.2865/1.2850/1.2800.Short term bearish continuation only below 1.2800.

    It is good to sell on rallies around 1.2945-50 with SL around 1.3000 for the TP of 1.2855/1.2805.