USDCAD has shown a roller coaster ride in the past two days. The pair hits low of 1.37288 after Fed cuts rates to zero and injected $700 billion by the purchase of Treasury bonds and mortgage-backed securities. Loonie once again recovered after a huge sell-off in crude oil price.
WTI crude oil declined more than 10% from minor top $33.98 as the corona outbreak will reduce demand for oil.
Technically, near term support is around 1.3400 and major trend continuation only above that level. Any break above targets 1.3450/1.3500.
On the flip side, immediate support is at 1.3850 and violation below targets 1.3790/1.3720. the jump from 1.29958 will get over at 1.39950 only if it breaks below 1.3500.
It is good to buy on dips around 1.3820-25 with SL around 1.3720 for the TP of 1.3400.
