As per analysis USDCAD surged sharply and hits 8-month high on weak crude oil prices. WTI crude oil hits fresh 52-week low at $45.06 as the spread of coronavirus will reduce Chinese import by 20% next month. The pair jumped till 1.3 and is currently trading around 1.33245.
Technically, the pair has broken major resistance 1.3385 and jumped till 1.34566. The overall trend is bullish and a jump till 1.3500/1.3550 is possible.
On the flip side, near term support at 1.3395 (23.6%) and an indicative break below targets 1.3360/1.3300.
It is good to buy on dips around 1.3400 with SL around 1.3360 for the TP of 1.3500.
