USD/CAD hits fresh 3rd week low and shown a mild recovery from that level. Short term trend is still weak as long as resistance 1.3595 (89 4H EMA) holds. It is currently trading around 1.35406.
WTI Crude oil hits fresh two week high after breaking major resistance at $51.40 and jumped till $51.85 on account of expectations of extension of output cut in OPEC meeting to be held in Vienna on May 25th 2017.
USD/CAD major short term resistance is around 1.3546 (200 4H MA) and any break above confirms minor bullishness, a jump till 1.3595 likely.
On the lower side, near term support stands at 50- day MA at 1.3480 and any close below confirms further weakness. Any close below 50- day MA confirms that decline till 1.3410.
Any break below 1.3410 confirms that jump from 1.2964 comes to an end and dip till 1.3285 (200- day MA) likely.
The near term resistance is around 1.3540 (200- 4H MA) and any break above will take the pair till 1.3595 (50- 4H MA)/ 1.3640 (support turned into resistance). Any close above 1.3838 (61.8% fibo) confirms bullish continuation.
It is good to sell on rallies around 1.3530 with SL around 1.3595 for the TP of 1.3410/1.3290.
WTI Crude oil hits fresh two week high after breaking major resistance at $51.40 and jumped till $51.85 on account of expectations of extension of output cut in OPEC meeting to be held in Vienna on May 25th 2017.
USD/CAD major short term resistance is around 1.3546 (200 4H MA) and any break above confirms minor bullishness, a jump till 1.3595 likely.
On the lower side, near term support stands at 50- day MA at 1.3480 and any close below confirms further weakness. Any close below 50- day MA confirms that decline till 1.3410.
Any break below 1.3410 confirms that jump from 1.2964 comes to an end and dip till 1.3285 (200- day MA) likely.
The near term resistance is around 1.3540 (200- 4H MA) and any break above will take the pair till 1.3595 (50- 4H MA)/ 1.3640 (support turned into resistance). Any close above 1.3838 (61.8% fibo) confirms bullish continuation.
It is good to sell on rallies around 1.3530 with SL around 1.3595 for the TP of 1.3410/1.3290.
