USDCAD continues to trade weak after a minor jump till 1.30055. The pair was one of the worst performers and declined more than 250 pips from a high of 1.33080 on broad-based US dollar selling and surging oil prices. The pair hits low of 1.29518 and is currently trading around 1.29784.
WTI crude soared more than 3% on US-Iran escalation, jumped till $64.07. It is expected to fall further on geopolitical tension and is hovering around $63.39.
Technically, the pair is trading well under 1.3000 and this confirms trend continuation, a dip till 1.2780.
The significant resistance is around 1.3025, violation beyond targets 1.3070/1.3110. The minor levels to be watched are 1.3000.
It is good to sell on rallies around 1.3000 with SL around 1.3030 for the TP of 1.2880/1.2785.
