Minor trend line resistance - 1.3340 (trend line joining 1.3450 and 1.33720)
USDCAD has formed almost a double bottom around 1.3290 and shown a more than 50 pips jump. The pair has halted its 4 days of losing streak. It has formed minor top around 1.3450 and shown s decline till 1.32900. The jump in Canadian dollar was due to surge in oil price. It is currently trading around 1.33576.
On the lower side,near term support is around 1.3350 and any violation below will drag the pair to next level till 1.3320/1.32900. Any break below 1.32900 confirms further weakness.
The near term resistance is around 1.3375 and any convincing break above targets 1.3420/1.3460.
It is good to buy on dips around 1.3345-50 with SL around 1.3300 for the TP of 1.3450.
