• USD/CAD extends its losing streak on Tuesday as Canadian dollar gained from a weakened U.S. dollar and increasing oil prices.
• Oil prices have risen due to escalating conflict between Israel and Hezbollah, highlighted by a major missile exchange following the death of a Hezbollah commander.
• At GMT 19:52, the pair was trading down 0.23 percent at 1.3454 ,its lowest level since 31st July 2023.
• Technical signals are bearish as RSI is at 23, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.3509 (38.2%fib), any close above will push the pair towards 1.3553 (50%fib).
• Support is seen at 1.3450(23.6%fib) and break below could take the pair towards 1.3414(Lower BB).
Recommendation: Good to sell around 1.3460, with stop loss of 1.3520 and target price of 1.3380
