FxWirePro: USD/CAD attracts selling interest, vulnerable to more downside

• USD/CAD slipped lower on Tuesday as the Canadian dollar gained support from a rebound in commodity prices.

• Gold and silver jumped, putting bullion on track for its strongest daily performance since November 2008.

• Gold prices jumped 5.1% to $4,901.75 per ounce, recovering from Monday’s $4,403.24 low, though still short of last week’s record peak of $5,594.82.

• Spot silver was  up 9.4% at $86.92/ounce, after a record 27% decline on Friday and a further 6% fall on Monday.

• Oil rebounded slightly on Tuesday following a steep fall in the previous session, with markets focusing on supply conditions and the chance of reduced U.S.-Iran tensions.

•  Immediate resistance is located at 1.3703(50%fib), any close above will push the pair towards 1.3776(SMA 20).

• Support is seen at 1.3607(38.2%fib) and break below could take the pair towards 1.3528(Lower BB).

Recommendation: Good to sell  around 1.3650, with stop loss of 1.3780 and target price of 1.3560