FxWirePro: usdcad trades slightly higher, Nafta trade
Source: FxWire Pro - Technicals / 25 Sep 2018 07:15:18 Europe/London
Chart pattern - Double Bottom
As per our analysis USDCAD has shown a minor jump of more than 80 pips from the low of 1.28843. It has formed almost a double bottom at 1.2880 and any further weakness only below that level. Canadian wholesale trade came at 1.5% slightly better than expected compared to forecast of 0.4%.
The senior level NAFTA trade talks is likely to happen soon according to Canadian PM Justin Trudeau. NAFTA is putting pressure on Canadian dollar.
The pair has broken minor resistance of 1.29558 (38.2% fib) and this confirms minor bullishness and a jump till 1.3000/1.30154 (Sep 19th high).
Oil prices jumped sharply almost 2% till $72 on Iran sanctions and global oil supply. It is trading above $72 and a jump till 74 is likely. The sudden jump in oil price is supporting Canadian dollar.
The near term major support is around 1.2880 and any break below will drag the pair down till 1.2845/1.2800.
It is good to buy on dips around 1.2945-50 with SL around 1.2900 for the TP of 1.3015/1.30450.© FxWire Pro 2019. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.