• USD/CAD declined sharply on Thursday as dollar gains cooled as investors digested President Trump victory.
• Republicans also won the Senate majority, putting the party on track for a clean sweep that would allow it to make larger legislative changes.
•Trump is expected to clamp down on illegal immigration, enact new trade tariffs, maintain or introduce new tax cuts and loosen business regulations.
• USD/CAD has seen a 1.3855-1.3902 range on Thursday, chart points to an overshoot above 1.3800 level.
• Immediate resistance is located at 1.3903(SMA 9), any close above will push the pair towards 1.3962(23.6%fib).
• Support is seen at 1.3860(38.2%fib) and break below could take the pair towards 1.3777 ( 50%fib).
Recommendation: Good to sell around 1.3870, with stop loss of 1.3950 and target price of 1.3800
