USD/CAD has lost more than 100 pips from the high of 1.31034 made on Friday. US dollar was trading weak against all majors after Fed chairman Powell was moderately dovish on interest rate outlook. US dollar index declined almost 70 pips from the high of 95.71. USDCAD hits low of 1.30074 and is currently trading around 1.30285. It is currently around 1.30295.
The NAFTA agreement and trade war tensions between US and Canada is putting pressure on Canadian dollar prices.
WTI crude has shown a recovery of more than $5 from the low of $64.58. It hits high of $69.93 on account of Iran sanctions and weaker than expected EIA crude inventory. It is facing strong resistance at $70.01 50% fib and any break above targets $71.25. It is currently around $69.07.
On the higher side, near term resistance is around 1.3052 (20- day MA) and any break above targets 1.3100/1.3131 (50- day MA)/1.3715.
The near term support is around 1.300 and any break below targets 1.3000/1.2980 (100- day MA).
It is good to buy on dips around 1.3020-22 with SL around 1.2980 for the TP of 1.3010/1.3130
