• FxWirePro: USD/CAD trades slightly above 50- day ma, jump till 1.3290 likely

    Source: FxWire Pro - Technicals / 16 Aug 2018 09:37:13   America/New_York

    USDCAD jump more than 100 pips from yesterday’s low of 1.30505. Canadian economic data released today came slightly better than expected. Canadian ADP employment came slightly better than expected in Jul. Canadian economy has added 11600 jobs in Jul compared to -10.5k in the month of Jun. Canadian manufacturing sales came at 1.1% compared to 1%.

    WTI crude has shown a decline of more than $2.5 yesterday on account of rising crude inventory . According EIA US crude stocks rose by 6.8 million barrels. It hits low of $64.68 and is currently trading around $65.22.

    On the higher side, near term resistance is around 1.3180 and any break above targets 1.3290/1.3380 level.

    The near term support is around 1.3060 and any break below targets 1.3000/1.2960 (100- day MA).

    It is good to buy on dips around 1.3125-30 with SL around 1.3070 for the TP of 1.3290/1.3380.

     

     

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