Chart pattern - Double Bottom
USDCAD has shown a minor jump of more than 50 pips from the low of 1.28843. It has formed almost a double bottom at 1.2880 and any further weakness only below that level.
On the higher side, near term resistance is around 1.29558 and any break above will take the pair to next level till 1.2980 (55- 4H EMA)/1.3000/1.30154 (Sep 19th high).
Oil prices jumped sharply almost 2% till $72 on Iran sanctions and global oil supply. It is trading above $72 and a jump till 74 is likely. The sudden jump in oil price is supporting Canadian dollar.
The near term major support is around 1.2880 and any break below will drag the pair down till 1.2845/1.2800.
It is good to buy on dips around 1.2930-325 with SL around 1.2880 for the TP of 1.2980/1.3015.
