• FxWirePro: USD/CAD declines slightly from fresh 2018 high, market eyes canada’s GDP

    Source: FxWire Pro - Technicals / 02 Mar 2018 05:57:07   Eastern Standard Time

    • USD/CAD continuing its bullishness and hits fresh 2018 high at 1.28955 yesterday. The pair shown a minor decline from the high. The Canadian dollar down almost 4.2% worst performer for this month. The pair continuing its bullish trend after a minor decline till 1.28140. It is currently trading around 1.28506.
    • Market eyes Canada GDP data which is to be released tomorrow for further direction of Canada dollar.
    •  Oil prices continuing its weakness for the third consecutive days as US crude oil production hits record high in November. Oil output rose 10.057 million barrels per day exceeded the 10.044 million barrels Crude oil prices hits low of $60.16 and is currently trading around $60.77.         
    • On the higher side, major resistance is around 1.2920 and any break above will take the pair till 1.2965/1.3000.
    • The near term support is around 1.2800 and any break below will take the pair till 1.2720 (38.2% fib)/1.265/1.2620 (61.8% fib). Short term bearish continuation only below 1.2450.

    It is good to buy on dips around 1.2820-25 with SL around 1.2770 for the TP of 1.290/1.2925.