USDCAD declined drastically and hits 4 month low on NAFTA deal and rising crude oil prices. US and Canada has reached an last minute agreement which has supported Canadian dollar. The revamped new agreement has been named as USMCA in which US has got more access to diary market and it is big win for American farmers.
The pair has broken major support of 1.2880 made on Aug 28th and hits low of 1.28135. It is trading below 200- day MA at 1.28650 and any close below targets 1.2750.
The near term major resistance is around 1.2920 and any break above targets 1.2955/1.3000.
Crude oil prices are trading high especially Brent hits 4-year high after OPEC said that not planning to hike production. WTI crude oil hits high of $73.70 and is currently trading around $73.40.
It is good to sell on rallies around 1.2880-85 with SL around 1.2920 for the TP of 1.2750.
