USDCAD has once again declined after showing a minor jump above 1.4110 levels. The pair hits high of 1.41201 and is currently trading around 1.40563. The crude oil prices got stabilized after a huge collapse previous week. According to CFTC Commitment of Traders report for the week ended Apr 21st, the number of NET Long in crude futures increased to 76511 contracts compared to last week and speculative long soared to 736248 from 700474.
WTI crude oil soared sharply till $18.52 after a minor decline below $0 level. It is facing powerful resistance around $20, any jump above that level confirms minor bullishness.
Technically, near term resistance is around 1.41200 and any violation beneath will drag the pair down till 1.4160/1.4200.
The immediate support is at 1.4000, any indicative break beyond targets 1.3920/1.3850.
It is good to sell on rallies around 1.4098-410 with SL around 1.4160 for the TP of 1.3925.
