FxWirePro: USDCAD struggles to close below 1.32900, jump till 1.3445 likely

USDCAD has once gained nearly 50 pips after hitting low of 1.33062 level. The pair has formed double bottom around 1.3295-1.3300 and so any weakness cane be seen only below that level.US Fed minutes shows that central bank is not in hurry to hike interest rates. It also mentioned possibilities of uncertainty due to Brexit and US trade war with countries.They said rates could shift depends on economic growth.Crude oil prices has shown a minor decline after continuous jump of more than $6 on rising oil inventories.According EI report crude oil inventory rose by 7.03 million compared to forecast of 2.65M.It hits intraday low of $63.95 and is currently trading around $64.08.The pair hits high of 1.33607 and is currently trading around 1.33553.

On the lower side,near term support is around 1.3270 (38.2% fib) and any violation below will drag the pair to next level till 1.3250/1.3200/1.3130. Any break below 1.3130 confirms further weakness.

The near term resistance is around 1.3380 (trend line resistance) and any convincing break above targets 1.3420/1.3460.

It is good to sell on rallies around 1.3350-55 with SL around 1.3400 for the TP of 1.3200.