USDCAD has shown a minor recovery after a major sell-off of more than 350 pips on broad-based US dollar selling and surging Crude oil price. Brent crude soared sharply and jumped till $71.29 on an escalation of tensions in the Middle East. Iran strikes back the US at two military bases in Iraq today and oil boiled sharply after the retaliation. It hits high of 1.30294 yesterday and is currently trading around 1.30030.
Technically, near term resistance is around 1.3030 and any important intraday bullishness only beyond that level. A jump till 1.30665/1.3090 possible.
On the flip side, 1.2950 will be acting as immediate support and violation under targets 1.2900/1.2865.
It is good to buy on dips around 1.2995-98 with SL around 1.2970 for the TP of 1.3065.
