• USD/CAD fell sharply on Monday as Canadian dollar was buoyed by hopes that Canada might avoid sweeping U.S. tariffs and reports of Prime Minister Justin Trudeau’s potential resignation.
• Trump has pledged a 25% tariff on all imports from Canada, which could significantly impact the country’s crude exports to the United States.
• According to sources cited by CBC News, Trudeau will declare his intention to resign as Liberal leader on Monday, but he will remain in his position until the party selects a successor.
• The pair lowest at 1.4274, it was last trading at 1.4375 at GMT 16:12 .
• Immediate resistance is located at 1.4468(23.6% fib), any close above will push the pair towards 1.4518 (Higher BB)
• Support is seen at 1.4364 (38.2%fib) and break below could take the pair towards 1.4280(50%fib).
Recommendation: Good to sell around 1.4390, with stop loss of 1.4450 and target price of 1.4380
