USDCAD was one of the worst performers this week and lost more than 250 pips on surging Crude oil prices. WTI crude has jumped more than $18 from low of $10.21 on easing coronavirus lockdown. US oil has formed a double top near $28 and further bullish continuation only above $28.
Markets eye US Non-farm-payroll and Canadian employment date for further direction. US economy is expected to lose 22 million jobs in Apr and the unemployment rate to jump to 14%.
On the flip side, major support is at 1.38500 and break below targets 1.3800/1.37660. The immediate resistance is around 1.4000 and any indicative break above will take the pair till 1.4060/1.4080/1.4125.
It is good to buy on dips around 1.3880 with SL around 1.3850 for the TP of 1.4000.
