• USD/CAD dipped on Wednesday as oil prices jumped and investors raised bets on a Bank of Canada interest rate hike this year.t.
• Oil prices hit a two-week high after U.S. President Donald Trump said the memorandum of understanding with Iran to end the conflict was "over", reviving concerns about potential disruptions to global energy supplies.
• Brent crude futures gained 4.9% to $77.78 a barrel, while U.S. West Texas Intermediate crude rose 4.6% to $73.73.
• Investors see a roughly 60% chance the BoC will raise interest rates this year, up from 40% on Tuesday, swap market data showed.
• Immediate resistance is located at 1.4212(Daily high), any close above will push the pair towards 1.4245(23.6%fib).
• Support is seen at 1.4142(SMA 20) and break below could take the pair towards 1.4115(38.2%fib).
Recommendation: Good to buy around 1.4150 with stop loss of 1.4000 and target price of 1.4240
