USD/CAD has jumped more than 100 pips on broad based US dollar. The pair showed a major decline till 1.2965 after BOC governor hiked interest rates by 25 basis point to 1.75% yesterday. The pair hits high of 1.31490 and is currently trading around 1.1493.
Crude oil is trading weak and has lost more than 5.5% and hits low of $75.14 on account of global stock market sell-off and due rise in US crude inventories by 6.3 million barrels compared to forecast of 3.7 million barrels increase. It is currently trading around $76.36.
On the lower side any break below 1.3065 will drag the pair down to next level till 1.3000/1.2960.
The near term resistance is around 1.3160 (61.8% fib) and any break above targets 1.320/1.3245.
It is good to buy on dips around 1.3125 with SL around 1.3060 for the TP of 1.3245.
