• USD/CAD initially gained but gave up some ground on Monday as investors assessed the fiscal impact of the unexpected resignation of Canada's finance minister.
• Following a policy dispute with Prime Minister Justin Trudeau, Canada's Finance Minister Chrystia Freeland resigned, calling his proposals for higher expenditure political gimmicks.
• The price of oil a key export for Canada, dropped 0.6% to $70.88 a barrel as investors reacted to weak consumer spending data in China, the world’s largest oil importer..
• At GMT 20:46, The pair was up 0.12% at 1.4246, edging back from its daily high of 1.4271.
• Immediate resistance is located at 1.4273 (23.6%fib), any close above will push the pair towards 1.4302(Higher BB).
• Support is seen at 1.4218(Daily low) and break below could take the pair towards 1.4193(38.2%fib).
Recommendation: Good to buy around 1.4240, with stop loss of 1.4150 and target price of 1.4320
