USD/CAD breaks above 100-DMA, good to buy on dips
USD/CAD jumped to a high of 1.3090 on Friday before trimming gains to end the day at 1.3036 levels.
The pair has broken major resistance at 1.3000 (100-DMA), scope for further gains on charts.
Oil edges lower on the day, ignores bullish comments from Saudi oil minister, keeps CAD subdued.
Momentum studies for the pair are bullish. 1.3090 (Friday’s high), above which the pair could target 1.3107 (June 28 high), 1.3121 (June 27 high) and then 1.3189 (May 24 high).
Weakness only on break below 1.2986 (23.6% Fib of Jan to May fall), test of 1.2931 (50-DMA) then likely.
US and Canada data docket is empty today, focus on overall sentiment across markets and the oil price movements.
Good to buy dips around 1.3020/30, SL: 1.2985, TP: 1.3090/ 1.31/ 1.3120/ 1.3190
The pair has broken major resistance at 1.3000 (100-DMA), scope for further gains on charts.
Oil edges lower on the day, ignores bullish comments from Saudi oil minister, keeps CAD subdued.
Momentum studies for the pair are bullish. 1.3090 (Friday’s high), above which the pair could target 1.3107 (June 28 high), 1.3121 (June 27 high) and then 1.3189 (May 24 high).
Weakness only on break below 1.2986 (23.6% Fib of Jan to May fall), test of 1.2931 (50-DMA) then likely.
US and Canada data docket is empty today, focus on overall sentiment across markets and the oil price movements.
Good to buy dips around 1.3020/30, SL: 1.2985, TP: 1.3090/ 1.31/ 1.3120/ 1.3190