USDCAD trades lower after a 100 pips jump in past two trading days. The jump was mainly due to broad based US dollar buying. Canadian manufacturing sales came at 2.1% in Mar after declining 0.2% in Feb. Crude oil has shown a good recovery of more than $3 on US and Iran geopolitical tension. It hits intraday low of 1.34515 and is currently trading around 1.34594.
On the lower side, near term support is around 1.3385 (55- day EMA) and any break below will drag the pair to next level till 1.3350/1.3300. Any break below 1.32750 confirms further bearishness.
The near term resistance is around 1.3440 and any break above will take the pair to next level till 1.3500. Any break above 1.3520 will take the pair till 1.3580/1.3660.
It is good to sell on rallies around 1.3475-80 with SL around 1.3520 for the TP of 1.3300.
