FxWirePro: usdcad downside capped by 200-day ma, good to buy on dips
Source: FxWire Pro - Technicals / 09 Oct 2019 14:51:27 Europe/London
Major Support- 1.32900
USDCAD trading in a narrow range between 1.33470 and 1.32900 for the past four trading days. The pair is struggling to break above 1.3385 temporary top formed Sep 3rd, 2019. The US-China trade talks were a major event to be watched this week for further direction. Any escalation of trade uncertainty will have a negative impact on the Canadian dollar. It hits a low of 1.32900 and is currently trading around 1.33207.
WTI crude oil prices have halted its 2 weeks of weakness and shown a minor recovery. Any break below $50 confirms further decline.
On the flip side, near term support is around 1.32900 and any violation below will drag the loonie down till 1.3260/1.3230.
The near term major resistance is around 1.3380 and any convincing break above confirms minor trend reversal and a jump till 1.343/1.3500 likely.
It is good to buy on dips around 1.32900 with SL around 1.3260 for the TP of 1.3380/1.3430.© 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.