FxWirePro:USD/CAD trades near session low on sudden spike in crude oil, good to buy on dips

USDCAD has once again declined after showing a minor jump above 1.3300. The pair has jumped till 1.33290 more than 250 pips and started to decline from that level. The decline in loonie was mainly due to better than expected Canadian jobs data and rising crude oil price. The pair hits low of 1.3230 on Friday and is currently trading around 1.32567.

Crude oil prices is trading higher for the day and jumped more than $1.5 in two hours of trading on US-China trade optimism.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 $62.72.

On the higher side, near term resistance is around 1.3320 and any break above will take the pair to next level till 1.3380/1.3435/1.3500.

The major support is at 1.3230 and any violation below will drag the pair down till 1.3160/1.3070 (300- day EMA)/1.3000. the minor support is around 1.3160.

It is good to buy on dips around 1.3235-40 with SL around 1.3200 for the TP of 1.3380/1.3435.