FxWirePro: USD/ CAD heads deeper into bear territory, 23.6%fib eyed

• USD/ CAD declined below 1.3600 level on Thursday as higher commodities price and weaker dollar boosted Canadian dollar.

•Greenback dipped after the Federal Reserve cut its interest rate by 50 basis points and revised its monetary policy outlook.

• In oil markets, the West Texas Intermediate crude futures rose 1.1%, while Brent crude rose 1.1% . Gold prices rose 0.9%.

• Investors also evaluated the U.S. weekly jobless claims data, which fell to a four-month low last week, indicating strong job growth in September and ongoing economic expansion in the third quarter.

• Technical signals are bearish as RSI is at 44, daily momentum studies  5, 9 and 10 DMAs are trending down.
 
•  Immediate resistance is located at 1.3604 (38.2%fib), any close above will push the pair towards 1.3649 (Daily high).

• Support is seen at 1.3536(23.6%fib) and break below could take the pair towards 1.3500(Psychological level).

Recommendation: Good to sell  around 1.3580, with stop loss of 1.3640 and target price of 1.3490