empty
 
 

2017.05.2305:20:00UTC+00Fxwirepro: Loonie Downside capped by 50 –day Ma, Close Below Targets 1.2410.

  • USD/CAD has broken low made in the previous week and declined till 1.3470 at the time of writing on account of increasing crude oil prices. Short term trend is still weak as long as resistance 1.3590 (21 EMA) holds. It is currently trading around 1.3491.
     
  • WTI Crude oil hits two week high and jumped till $51.41 on account of expectations of extended possibly deepened output cut. OPEC including Russia to cut 1.8 million barrels per day will be extended till 2018.
     
  • USD/CAD formed a temporary top around 1.37935 on May 5th 2017 and started to decline from that level. The pair breaks below major support at 1.3480 (50 day MA) and declined till 1.3470. 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 1.3530 (support turned into resistance) and any break above will take the pair till 1.3590 (21- EMA)/ 1.3680 (61.8% retracement of 1.37935 and 1.35080)/1.3750. 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.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback