USD/CAD upside capped by 1.3700 level, good to buy on dips
The Canadian dollar hits 14 month low on Friday on account of weak Crude oil prices. The pair hits 1.39675 and declining slightly from that level. It is currently trading around 1.36562.
The pair is facing strong resistance of 1.3700 and any break of 1.3700 confirms major trend reversal, jump till 1.3838 (61.8% retracement of 1.4689 and 1.2460)/1.38590 is possible.
US crude oil settles at lowest level in five weeks on Monday, on concerns of rising U.S crude output will offset the OPEC and large crude producers.
Minor term trend is still bullish as long as support 1.35295 holds.
On the lower side, minor near term support is around 1.3600 and any break below will drag the pair down till 1.35295 (Apr 27th low)/1.3480.Major short term support is around 1.3410.
It is good to buy on dips around 1.3640 with SL around 1.35900 for the TP of 1.3710/1.3838.
The pair is facing strong resistance of 1.3700 and any break of 1.3700 confirms major trend reversal, jump till 1.3838 (61.8% retracement of 1.4689 and 1.2460)/1.38590 is possible.
US crude oil settles at lowest level in five weeks on Monday, on concerns of rising U.S crude output will offset the OPEC and large crude producers.
Minor term trend is still bullish as long as support 1.35295 holds.
On the lower side, minor near term support is around 1.3600 and any break below will drag the pair down till 1.35295 (Apr 27th low)/1.3480.Major short term support is around 1.3410.
It is good to buy on dips around 1.3640 with SL around 1.35900 for the TP of 1.3710/1.3838.
