USDCAD is trading higher for past 1-week and jumped more than 150 pips on hawkish BOC monetary policy. The central bank has kept its rates unchanged, hinted for a rate cut in the coming months as an economy to slowdown on the trade war. It hits a high of 1.32083 and is currently trading around 1.31599.
The WTI crude oil price is trading higher and jumped more than $1 after better than expected US API crude inventory data. It shows a strong build-up 4.26 million barrels for the week compared to a forecast of 1.515 million barrels.
On the flip side, near -term support is around 1.3100, any break below will take the pair to next level till 1.3020. Major bearish continuation only under 1.3020.
The pair's upside limited at 1.32300 and break over that level targets 1.3275/1.3300. Major trend reversal will happen if it crosses 1.33850.
It is good to buy on dips around 1.3138-40 with SL around 1.3100 for the TP of 1.3230.
