USD/CAD is trading higher for 5th consecutive day and jumped more than 100 pips for the day after dovish BOC monetary policy.Bank of Canada has kept its interest rates unchanged at 1.75%.BOC Governor expects that rates will be hold for a while and there might of chance of rate cuts if growth declines further.The pair hits intraday high of 1.34573 and is currently trading around 1.34428.
Crude oil declined nearly 0.70 cents after EIA reports large crude inventory build up. The major support is around $55 and any break below will drag the commodity till $53.15 level.
On the higher side, near term resistance is around 1.3460 and any convincing break above will take the pair to next level till 1.3500/1.3600. Any violation above 1.3660 confirms further bullishness.
The near term support is around 1.3380 and any break below will drag the pair till 1.3340/1.3300/1.3260.
It is good to buy on dips around 1.3380 with SL around 1.3300 for the TP of 1.3660.
