USDCAD continues to trade higher and jumped more than 100 pips on dovish Bank of Canada. Bank of Canada has kept its interest rates unchanged at 1.75% and abandoned future rate hike reference from its statement. The central bank lowered its growth forecasts for 2019 from 1.7% to 1.2%.Crude oil has shown a minor decline after weaker then expected US crude inventory data.It shows build of 5.5 million barrels compared to forecast of 811k. It hits low of $65.64 and is currently trading around $66.23. USDCAD hits high of 1.35214 yesterday and is currently trading around 1.35107.
On the higher side, near term resistance is around 1.3520 and any break above will take the pair to next level till 1.3580/1.3660.
The minor support is around 1.3470 and any break below targets 1.3440/1.3400.
It is good to buy on dips around 1.3450 with SL around 1.3400 for the TP of 1.3580.
