USDCAD has halted its 3-1/2 month bullish trend and trading slightly weak. The pair was one of the best performers this year and jumped more than 13% on dismal crude performance. WTI crude lost more than 70% in the past 3-months and hits the lowest level since Apr 2002. Loonie declined till 1.4148 on Mar 20th and is currently trading around 1.44415.
Technically, near term resistance is around 1.44580 and any violation above targets 1.4500/1.4560. Major trend continuation only if it breaks 1.4660.
On the flip side, immediate support is at 1.4335 and indicative break below will drag the pair down till 1.4145/1.4000.
It is good to sell on rallies around 1.4500 with SL around 1.4560 for the TP of 1.4000.
