• USD/CAD rose on Monday as lower oil prices and stronger greenback weighed on commodity linked Canadian dollar.
• Oil prices declined about 2% OPEC on Monday cut its forecast for global oil demand growth in 2024 and also lowered its projection for next year.
• Dollar strengthened on the back of traders reducing bets on further jumbo rate cuts by the Federal Reserve at its remaining policy meetings this year.
• Technical highlight upside risks for USD/CAD, with momentum studies, 5, 10 and 11 DMAs tracking north.
• Immediate resistance is located at 1.3792(23.6%fib), any close above will push the pair towards 1.3831(Higher BB).
• Support is seen at 1.3756 (Daily low) and break below could take the pair towards 1.3723 (38.2%fib).
Recommendation: Good to buy around 1.3820, with stop loss of 1.3750, and target price of 1.3880
