• USD/CAD rose on Monday as lower oil prices and stronger greenback weighed on commodity linked Canadian dollar.
• The U.S. dollar index, which tracks the dollar’s value against a basket of foreign currencies, briefly surpassed the highs reached following the Nov. 5 U.S. presidential election, as markets continue to await clarity on future U.S. policy.
• U Oil prices continued to fall from Friday on the expectation that Trump's pro-drilling rhetoric will increase world supplies.
• Technical highlight upside risks for USD/CAD, with momentum studies, 5, 10 and 11 DMAs tracking north.
• Immediate resistance is located at 1.3973(23.6%fib), any close above will push the pair towards 1.4005(Higher BB).
• Support is seen at 1.3906 (Daily low) and break below could take the pair towards 1.864 0(38.2%fib).
Recommendation: Good to buy around 1.3920, with stop loss of 1.3840 and target price of 1.4000
