USD/CAD has shown a good recovery on more than 130 pips from the low of 1.29623 made on Aug 7th on rising geo political tensions between Canada and Saudi. Saudi Arabia has expelled Canadian ambassador ,froze new trade and investment dealing with Canada. Canada reacted to Saudi by suspending Saudi airlines to and from Toronto and removed almost 16000 students from universities and colleges.The pair hits high of 1.30946 and is currently trading around 1.30879.
WTI Crude oil prices has shown a minor decline after hitting high of $70.36 and is currently trading around $69.19. Any break below $67.48 confirms further weakness.
Technically near term resistance is around 1.3100 and any convincing break above targets 1.3200/1.3300.
On the lower side, near term support is around 1.3000 and any convincing break below will drag the pair down till 1.2960 (100- day MA).Any further weakness only below 1.29600.
It is good to buy on dips around 1.3055-60 with SL around 1.3000 for the TP of 1.3200.
