• USD/CAD dipped on Tuesday as higher oil prices and weaker greenback boosted Canadian dollar.
• The price of oil, a key Canadian export, increased for the third consecutive day as sanctions heightened concerns over disruptions to Russian and Iranian oil supplies.
• The U.S. dollar fell on Tuesday after Powell signaled no rush for rate cuts, while traders awaited clarity on Trump’s trade tariffs.
• At GMT 21:47, the pair was last up 0.58% at 1.4293 after hitting daily high1.4601.
• Immediate resistance is located at 1.4385(Feb 10th high), any close above will push the pair towards 1.4426(38.2%fib).
• Support is seen at 1.4274(61.8%fib) and break below could take the pair towards 1.4205(Lower BB).
Recommendation: Good to sell around 1.4300, with stop loss of 1.4380 and target price of 1.4240
