USD/CAD trades higher on weak oil price, good to buy at dips
Major resistance -1.3235 (trend line joining 1.3858 and 1.3405)
Major support - 1.3140 (resistance turned in to support)
Lonnie has broken minor resistance 1.3140 yesterday and jumped till 1.3219. The pair has moved higher after higher than expected crude oil inventory report.
US crude oil prices declined more than 4% after crude oil inventories soared by 9357 barrels.
On the higher side any break above 1.3240 confirms minor trend reversal , jump till 1.3300/1.3348/1.3405 is possible .
Short term bearish invalidation can happen only above 1.4050.
The pair’s minor support is around 1.3180 and break below targets 1.3140/1.3090/1.3050 level.
It is good to buy at dips around 1.3200-1.3205 with SL around 1.3140 for the TP of 1.3345/1.3400
Major support - 1.3140 (resistance turned in to support)
Lonnie has broken minor resistance 1.3140 yesterday and jumped till 1.3219. The pair has moved higher after higher than expected crude oil inventory report.
US crude oil prices declined more than 4% after crude oil inventories soared by 9357 barrels.
On the higher side any break above 1.3240 confirms minor trend reversal , jump till 1.3300/1.3348/1.3405 is possible .
Short term bearish invalidation can happen only above 1.4050.
The pair’s minor support is around 1.3180 and break below targets 1.3140/1.3090/1.3050 level.
It is good to buy at dips around 1.3200-1.3205 with SL around 1.3140 for the TP of 1.3345/1.3400