FxWirePro: USDCAD hits 2-week low on fed rate cut hopes, markets eye US/Canada jobs data

USDCAD trades lower for 5th consecutive day and hits 2-week `low The pair has lost more than 200 pips and decline was mainly due to

 

1. Fed Chairman comments increased hopes of rate cut

         

1. Canada’s trade deficit has narrowed to 6-month low on rising exports

 

1.  Crude oil has recovered more than 5% from low of $51.15.

 

The major support is around 1.3350 and any violation below will drag the pair to next level till 1.3300/1.3265.

 

The near term resistance is 1.3435 and any convincing break above targets 1.3475/1.3520.The pair should break above 1.3565 for further bullishness.

 

It is good to sell on rallies around 1.3380-85 with SL around 1.3430 for the TP of 1.3300/1.3270.