FxWirePro: USDCAD holds above 1.4000 level, good to buy on dips

USDCAD surged after a minor consolidation and jumped sharply above 1.4000 level. The dip in crude oil prices and the spread of coronavirus is putting pressure on the Canadian dollar. The overall trend is still on the upside as long as support 1.3720 holds.

WTI crude continues to trade lower after a minor jump till $30.30. Any break below $28 targets $26/$24.50.

On the flip side, immediate support stands at 1.3960 and any indicative break below that level will drag the pair down till 1.3880/1.3820.

The pair is holding well above 1.4000 level confirms a strong bullish trend and a jump till 1.4192 (261.8% projection of 1.2951 to 1.3329 from 1.3202 at 1.4192).

It is good to buy on dips around 1.4000 with SL around 1.3920 for the TP of 1.4190.