FxWirePro: USD/CAD dips as Canadian dollar edges higher as risk appetite improves

• USD/CAD dipped on Tuesday as improved risk ‌appetite on rising hopes the Middle East war would soon end offset a pullback in oil prices.

• The United States and Israel launched their most intense airstrikes yet on Iran Tuesday, even as markets bet that Donald Trump may soon end the war.

• Oil prices tumbled 10% to $85.28 a barrel as fears of prolonged supply disruptions eased, though prices remained well above pre-conflict levels.

• Oil prices fell 10% to $85.28 a barrel as concerns over prolonged supply disruptions eased, though prices remained above pre-conflict levels.

• Canada’s January trade data due Thursday and February jobs report later this week could shape expectations for next week’s Bank of Canada rate decision.

•  Immediate resistance is located at 1.3643(38.2%fib), any close above will push the pair towards 1.3715(March 5th high).

• Support is seen at 1.3542 (Lower BB) and break below could take the pair towards 1.3488 (23.6%fib).

Recommendation: Good to sell  around 1.3600, with stop loss of 1.3650 and target price of 1.3550