USD/CAD has lost more than 100 pips from the high of 1.31592 on account of minor recovery in crude oil prices. The pair showed a major decline till 1.30670.It is currently trading around 1.31003.
Brent Crude oil has taken support near trend line and shown a minor recovery till $78.Now focus is on Nov 4th US sanctions on Iran gets starting. It is currently trading around $77.28.
On the lower side any break below 1.3065 will drag the pair down to next level till 1.3000/1.2960.
The near term resistance is around 1.3160 (61.8% fib) and any break above targets 1.320/1.3245.
It is good to buy on dips around 1.3125 with SL around 1.3060 for the TP of 1.3245.
