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Major trend line resistance- 1.3195
USDCAD has recovered sharply from low of 1.31127 made yesterday on account of decline in crude oil price. Oil price tumbled sharply after Trump tweeted that Oil prices getting too high please relax and take it easy.Brent crude dipped till $64.30 and is currently trading around $65.32.
The near term major resistance is around 1.3230 and any violation above targets 1.3265/1.3300/1.3340. The pair should break above 1.3380 for further bullishness.
On the lower side near term support is around 1.3180 and any break below will drag the pair to next level 1.3150 (200- day MA)/1.3110.
It is good to buy on dips around 1.3185-90 with SL around 1.3150 for the TP of 1.3340.
