USDCAD trades in narrow range after hitting high of 1.35135. It hits low of 1.33569 and is currently trading around 1.33405. Markets eye BOC for further direction.BOC is expected to keep rates on hold at 1.75%. The Canadian economic data released in Apr was showing improvement. The unemployment rate slipped to -0.1% to 5.7% in Apr and economy has added 106.5K compared to forecast of 10K.Headline CPI jumped 2% YOY in Apr compared to 1.9% in Mar. It is currently trading around 1.34450.
Crude oil price has lost more than 13% in past one month on US and China trade war escalation.On the higher side, near term resistance is around 1.3470 and any violation above targets 1.3520. Any major trend reversal only above 1.3520.
The major support is around 1.3350 and any violation below will drag the pair to next level till 1.3300/1.3270.
It is good to buy on dips around 1.3400 with SL around 1.3350 for the TP of 1.3520.
