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FxWirePro: USD/CAD declines slightly after hitting 3 week high, good to buy on dips

USD/CAD hits 3- week high and shown a minor decline from that level. The pair hits high of 1.31700 after huge sell off in Turkish lira.The huge selling in Turkish lira after Donald Trump imposed double tariffs for metal to Turkey. This has made investors to dump equities and started to switch to safe haven assets like Yen,dollar etc.

The geopolitical tensions between Canada and Saudi also putting pressure on Canadian dollar. WTI crude has shown a minor recovery after hitting low of $67.37 after Saudi’s oil production has slipped in Jul by 52800 bpd from Jun .It hits high of $67.98 and is trading around $67.80.

On the higher side, near term resistance is around 1.31850 (50% fib) and any break above targets 1.3290/1.3380 level.

The near term support is around 1.3070 and any break below targets 1.3000/1.2960 (100- day MA).

It is good to buy on dips around 1.3045-50 with SL around 1.3000 for the TP of 1.3180

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