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USDCAD is trading higher after 2 days of consolidation. The pair has formed minor bottom around 1.30685 and shown more than 100 pips jump.DXY is rebounding strongly and jumped more than 100 pips from low of 95.16. The pair hits high of 1.31993 and is currently trading around 1.31941.
Crude oil prices has lost more than $2.5 from high of $63.62 as hedge fund and money managers has increased their short position. Brent has jumped more than $13 from low of $50.29 on OPEC production cut and U.S sanctions on Venezuela. It is currently trading around $61.15.
On the higher side, near term resistance is around 1.3200 (100- day MA) and any break above will take the pair to next level till 1.32700 (55- day EMA)/1.3300.
The major support is at 1.3120 (200- day MA) and any violation below will drag the pair down till 1.3070 (300- day EMA)/1.3000.
It is good to buy on dips around 1.3175-80 with SL around 1.3120 for the TP of 1.3300.
