Life Buzz News

FxWirePro: USD/ CAD downside pressure builds, key support level in focus - EconoTimes


FxWirePro: USD/ CAD downside pressure builds, key support level  in focus - EconoTimes

* USD/CAD fell towards1.3500 level on Tuesday as weaker greenback and China's monetary stimulus boosted commodity lined currencies like Canadian dollar

* Oil prices jumped more than 2% on supply concerns from the Middle East conflict and fears of another hurricane threatening U.S. output, along with stimulus from China.

* By 15:51GMT, the dollar was down 0.53% against the Canadian dollar to 1.3471.

* Technical signals are bearish as RSI is at 39, daily momentum studies 5, 9 and 10 DMAs are trending down.

* Immediate resistance is located at 1.3537 (Daily high), any close above will push the pair towards 1.3565 (38.2%fib).

* Support is seen at 1.3499(23.6%fib) and break below could take the pair towards 1.3465(Lower BB).

Recommendation: Good to sell around 1.3520, with stop loss of 1.3600 and target price of 1.3430

Previous articleNext article

POPULAR CATEGORY

corporate

8012

tech

9115

entertainment

9694

research

4322

misc

10341

wellness

7530

athletics

10195