• The USD/CAD pair edged lower on Friday as a sharp rise in oil prices provided a significant boost to the Canadian dollar.
• Crude oil surged on heightened geopolitical tensions in the Middle East, particularly after Israeli airstrikes against Iran reignited fears of potential supply disruptions.
• Brent crude oil prices were last up almost 9% at $75.54 per barrel , having jumped as much as 14% during Asian hours.
• Escalating tensions in the oil-rich Middle East have added to market uncertainty, compounding global economic strain already heightened by President Trump’s aggressive and unpredictable trade policies.
• At GMT 15:21, the dollar was trading down 0.16percent at 1.3582 against Canadian dollar.
• Immediate resistance is located at 1.3687 (38.2%fib), any close above will push the pair towards 1.3732(June 11th high).
• Support is seen at 1.3563(23.6%fib) and break below could take the pair towards 1.3510(Lower BB).
Recommendation: Good to sell around 1.3600, with stop loss of 1.3680 and target price of 1.3520
