USDCAD has once again declined after showing a minor jump to 1.40730 levels. The pair is trading weak despite sharp sell-off in crude oil price. WTI crude oil lost more than 40% this week due to oversupply, weak demand. The global market is to face a recession in the coming months on account of coronavirus. The oil is facing powerful resistance around $20, any recovery should be used as a selling opportunity.
Technically, near term resistance is around 1.40450 and any violation beneath will drag the pair down till 1.40770/1.41200.The pair is trading well below 1.4000, this confirms weakness a dip till 1.3920/1.3850.
It is good to sell on rallies around 1.39925-50 with SL around 1.4050 for the TP of 1.3850.
