FxWirePro: USD/CAD hits new 12- year high, good to buy at dips

• Loonie hits new 12- year high around 1.4108 yesterday and closed around 1.4075.
   
• The currency has been hammered heavily due to weak oil price, poor prospects for domestic economic growth and the policy divergence between US Fed and BOC .
   
• The CAD dropped more than 16 per cent against the [U.S. dollar] in 2015 and has fallen more than 30 per cent over the past three years.
   
• Loonie has broken major resistance 1.4120 and jumped till 1.4144 at the time of writing. It is currently trading around 1.4140.
   
• Any break above 1.4120 confirms further bullishness, a jump till 1.4536/1.4980 is possible.
   
• On the lower side major weakness can be seen only 1.3800 and any break below 1.3800 targets 1.3690/1.3550. The minor support is around 1.4040 and break below will drag the pair down till 1.3980/1.3927/1.3880.

It is good to buy at dips around 1.410 with SL around 1.3980 for the TP of 1.4500