USDCAD continues to trade higher after a minor correction till 1.32730. The Canadian dollar was trading lower against all majors on declining crude oil prices. The pair hits high of 1.33448 and is currently trading around 1.3300.
WTI crude oil has lost more than $4 in the past two days due to the US-China trade dispute. According to EIA, US inventory buildup 2.4 million barrels compared to forecast of -2.9M. It has taken support near $50.50 almost a double bottom and a break below will drag the oil down till $45.
The near term resistance is around 1.3340 and any convincing break above will take the pair to next level till 1.3380/1.3435.
On the flip side, major support is around 1.32650 and any violation below targets 1.3200/1.3105.
It is good to buy on dips around 1.3275 with SL around 1.3230 for the TP of 1.3430.
