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USDCAD showed a decline of more than 100 pips from an intraday high of 1.32235. The pair is trading weak on strong crude oil prices. WTI rose more than 15% on OPEC meetings, which are to held through video conferencing on Monday. The rumors are going on that OPEC might cut oil production by 10 million barrels per day.
US economy has lost 701000 jobs in Mar compared to the forecast of 100000, while the unemployment rate jumped to 4.4% vs 3.8%.
Technically, near term support is around 1.4110 and any violation underneath will drag the pair down till 1.4075/1.400.
The immediate resistance is around 1.4235, an indicative break beyond targets 1.4290/1.4345.
It is good to sell on rallies around 1.4065-68 with SL around 1.400 for the TP of 1.42750.
