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Short

USD/CAD trades flat, market eyes Canada CPI and retail sales

FX:USDCAD   U.S. Dollar / Canadian Dollar
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8
USD/CAD has shown a minor jump from the low of 1.2456 on strong crude oil prices. Lonnie has formed a top around 1.25903 and started to decline from that level. It is currently trading around 1.24848.

Markets await Canada CPI and retail sales data for further direction.

Crude oil price rose for the past two days on better than expected crude oil inventory and on geo political tensions in Iraq.

US oil has made a high of $52.31 and started to decline from that level. The commodity dipped till $50.95 and is currently trading around $51.13.

The near term major resistance is around 1.2600 and any bullish continuation can be seen only above that level. Any break above 1.2600 will take the pair to next level 1.2660/1.2700.

On the lower side, 1.2460 (34- day EMA ) will be acting as near term support and any break below will drag the pair to next level till 1.24300/ 1.23925 ( 38.2% retracement of 1.20613 and 1.25908)/1.2340.

It is good to sell on rallies around 1.2550 with SL around 1.2600 for the TP of 1.2465/1.2400.

Comments

Is short this valid .?

Price is above sl
Reply
Weekly timeframe, price bounced off rising 13 week MA, broke through rising 4 week MA, target price is the falling 52 week moving average which could converge around 1.30 over the next 4 to 6 weeks
Reply
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