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USDCAD has broken major resistance around 1.3340 and jumped more than 70 pips. It hits high of 1.34220 and is currently trading around 1.34087. The reason for major jump is due to
- Broad based US dollar buying and Dollar index jumped more than 100 pips from low of 96.45.
- US retail sales rose in May and April month was revised higher.Retail sale m/m rose to 0.5% in May compared to 0.3% revised Apr sales but slightly less than forecast of 0.6%. Markets eye US Fed monetary policy on Wednesday for further direction.
- Crude oil price jumped more than $2.5 after two tankers got exploded near Strait of Hormuz is supporting USD/Canadian dollar at higher levels
The major support is around 1.334 and any violation below will drag the pair to next level till 1.3300/1.3265. Any major bearishness only below 1.3200.
The near term resistance is 1.3435 and any convincing break above targets 1.3480/1.3500.
It is good to buy on dips around 1.3380 with SL around 1.334 for the TP of 1.3500.
