USD/CAD faces strong support at 1.3000, good to buy on dips
Major support – 1.3010 (trend line joining 1.26778 and 1.28610).
Major resistance – 1.3150 (Aug 2nd high).
The pair has made a temporary top around 1.3150 and declined from that level. It is currently trading around 1.30677.
The Canadian dollar gained slightly against major pairs as WTI crude oil prices recovered from the low of $39.23 made yesterday.
On the downside, further weakness can be seen below 1.3010 level. Any violation below 1.3010 will drag the pair down till 1.2960/1.2860 in the short term.
The major resistance is around 1.3150 and any indicative break above targets 1.3185/1.3250.
It is good to buy on dips around 1.3050 with SL around 1.3000 for the TP of 1.3100/1.3148
Major resistance – 1.3150 (Aug 2nd high).
The pair has made a temporary top around 1.3150 and declined from that level. It is currently trading around 1.30677.
The Canadian dollar gained slightly against major pairs as WTI crude oil prices recovered from the low of $39.23 made yesterday.
On the downside, further weakness can be seen below 1.3010 level. Any violation below 1.3010 will drag the pair down till 1.2960/1.2860 in the short term.
The major resistance is around 1.3150 and any indicative break above targets 1.3185/1.3250.
It is good to buy on dips around 1.3050 with SL around 1.3000 for the TP of 1.3100/1.3148