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FxWirePro: USDCAD hits 34-month high on crude oil massive sell-off, good to sell on rallies

USDCAD has given massive spike till 1.37597 due to massive sell-off in crude oil prices. WTI crude lost more than 40% in the past 5 trading days. The decline came after Saudi planned to cut more than 10 million barrels a…

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FxWirePro: USDCAD hits 34-month high on crude oil massive sell-off, good to sell on rallies
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USDCAD has given massive spike till 1.37597 due to massive sell-off in crude oil prices. WTI crude lost more than 40% in the past 5 trading days. The decline came after Saudi planned to cut more than 10 million barrels a day. It is currently trading around 1.36049.

 

Technically, near-term major support is around 1.35650 and any violation beneath will drag the pair down till 1.3500/1.34800.

 

The immediate resistance is at 1.3620, the indicative break beyond targets 1.3660/1.3700/1.37597. Significant trend continuation only if it breaks 1.3800.

 

It is good to buy on dips around 1.3570-75 with SL around 1.3525 for the TP of 1.3665.

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