USD/CAD is trading higher for 6th consecutive day and jumped more than 300 pips from the low of 1.31299 level.The jump was mainly due to dovish BOC monetary policy.Bank of Canada kept its interest rates unchanged at 1.75% and said that Canadian economy will be much weaker in firs half of 2019.Markets eye US/Canadian Non farm payroll for further direction.The pair hits high of 1.34675 and is currently trading around 1.34608.
Crude oil declined more than $1 on weak global growth outlook. ECB has trimmed Euro zone growth forecast from 1.7% to 1.1%. The major support is around $55 and any break below will drag the commodity till $53.15 level.
On the higher side, near term resistance is around 1.3470 and any convincing break above will take the pair to next level till 1.3500/1.3600. Any violation above 1.3660 confirms further bullishness.
The near term support is around 1.3385 (23.6% fib) and any break below will drag the pair till 1.3340/1.3300/1.3260.
It is good to buy on dips around 1.3400 with SL around 1.3340 for the TP of 1.3600.
