FxWirePro: USD/CAD extends downtrend eyes 1.3550 level

• USD/CAD slipped lower on  Tuesday as higher oil price and stronger greenback weighed on Canadian dollar.

•The dollar has been under intense pressure this month from a range of factors including Washington's desire for a weaker currency and uncertainty over U.S. President Donald Trump's policymaking.

• Oil prices rose by more than $1 a barrel on Tuesday as producers reeled from a winter ‌storm that hobbled crude production and drove U.S. Gulf Coast crude exports to zero over the weekend.

• The U.S. Federal Reserve will   commence its two-day meeting, with a decision scheduled on Wednesday, that could set the tone for global markets this week.

• Meanwhile, the Bank of Canada is set for ‌its ‌interest-rate decision on Wednesday. Economists polled by Reuters expect the central bank to keep policy rate unchanged at 2.25%.

•  Immediate resistance is located at 1.3735 (38.2%fib), any close above will push the pair towards 1.3817(SMA 20).

• Support is seen at 1.3597(23.6%fib) and break below could take the pair towards 1.3555(Lower BB).

Recommendation: Good to buy  around 1.3620, with stop loss of 1.3700 and target price of 1.3550