USDCAD has lost more than 100 pips from high of 1.34028 on account of rising oil prices and broad based US dollar selling.Oil prices hits fresh 5-month high due to escalation of Libya conflict.Opec member Libya’s total supply is around 1.1 million barrels per day 1% of global oil output. The pair hits low of 1.32933 and is currently trading around 1.33013.
On the lower side,near term support is around 1.3290 and any violation below will drag the pair to next level till 1.3250/1.3200/1.3130. Any break below 1.3130 confirms further weakness.
The near term resistance is around 1.3375 and any convincing break above targets 1.3420/1.3460.
It is good to sell on rallies around 1.3350-55 with SL around 1.3400 for the TP of 1.3200.
