Major support- 1.3100
USDCAD is trading weaker for the past 4 weeks and lost more than 200 pips. The selling was mainly due to broad-based US dollar selling, surging crude oil price. It has formed a temporary top around 1.3320 and is currently trading around 1.30898.
WTI crude oil price is trading higher for 3rd consecutive week from low of $55.34 on easing US-China trade tension, declining inventories. It hits high of $61.94 and is currently trading around $61.89.
Technically, the pair is trading well below primary support 1.3100 and this confirms significant weakness, a dip till 1.3040/1.3015. Any break under 1.3000 confirms major bearish continuation.
The significant resistance is around 1.3180, violation beyond targets 1.3235/1.3270. The secondary levels to be watched are 1.3135.
It is good to sell on rallies around 1.3100-1025 with SL around 1.3150 for the TP of 1.3015.
