USD/CAD is consolidating in narrow range after hitting high of 1.31592 on Friday. USD was trading high er against Canadian dollar on account positive US economic data and weak crude oil price.The pair showed a major decline till 1.30670.It is currently trading around 1.3135
Brent Crude oil has lost more than $2.5 dollar form yesterday’s high of $78on account of rising trade tensions between US and China and rising crude supplies. Any break below $75 confirms minor weakness and decline till $73.84 (200- day MA) is likely.Now focus is on Nov 4th US sanctions on Iran gets starting. It is currently trading around $75.45.
On the lower side any break below 1.3065 will drag the pair down to next level till 1.3000/1.2960.
The near term resistance is around 1.3160 (61.8% fib) and any break above targets 1.320/1.3245.
It is good to buy on dips around 1.3125 with SL around 1.3060 for the TP of 1.3245.
