USDCAD hits multi-month low, any close below 1.3140 targets 1.3015

USDCAD is trading lower for the past 1 week and lost more than 100 pips form the minor top made around 1.32435. The Canadian dollar was one the best performing asset in this month and gained more than 1.5%. The jump was mainly due to a rise in crude oil price and slight positive jobs data. It hits a low of 1.31365 and is currently trading around 1.31483.

Crude oil has shown a nice recovery of more than $1 from a low of $57.17 made yesterday. It should break above $58.86 for further jump till $60.50 level.

On the flip side, major support stands around 1.3140 (61.8% fib) and any break below targets 1.3090/1.3015.

The near term resistance is around 1.3235 and any convincing break above will take the pair to next level till 1.3265/1.3300. Any break above 1.3380 high made on Sep 3rd 209 confirms bullish continuation.

It is good to sell on rallies around 1.3178-80 with SL around 1.3235 for the TP of 1.3095.