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USDCAD hits fresh 34-month high at 1.38245 and is currently trading around 1.38126. The decline in crude oil prices due to price war and coronavirus is putting pressure on the Canadian dollar. WTI crude lost more than 15% after a minor recovery of $36.28.
Technically, near term support is around 1.37500 and any violation below will drag the price down till 1.3700/1.36800.Any major bearishness only below 1.3500.
The pair is holding above 1.3800, a jump till 1.3900/1.3400 is likely.
It is good to buy on dips around 1.3758-60 with SL around 1.3700 for the TP of 1.4000.
