Oil prices rallied sharply by 3% on Tuesday's session. The loonie took this opportunity edging up against USD, EUR, and GBP. The pair has been hovering at 100Dsma, finally closed below that at yesterday's session. We advised bearish trade with targets at 1.2300 and 1.2250. The pair made a low at 1.2307. The intraday support is found at 1.2280 and 1.2230. At today's Asian session, the pair managed to hold the 20Dsma trading with mild gains at 1.2341 compared to Tuesday's closing price of 1.2337. Today, ahead of oil inventory data, the crude oil is trading higher. We expect $61.50 today. This view favors CAD. The pair is trading below 20Wsma 1.2430, another bearish signal of the pair. We expect the pair to touch 1.2280 initially. The real problem for bull will arise if the price closes below 1.2230. Intraday resistance is seen at 1.2350 and 1.2375. If bulls sustained above 1.2375, they will aim at 1.2420. Fresh selling is advised below 1.2280 with targets at 1.2250 and 1.2230. The trading pattern is framed between 1.2430 and 1.2230. A close on any side will provide fresh trading views.
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