Major resistance- 1.32335 (61.8% fib)
USDCAD is trading weak for past five trading days on account optimistic trade talks between US and Canada. Canadian foreign minister Freeland planned to return to Washington for further trade talks. The pair hits low of 1.29805 and is currently trading around 1.30056.
US crude oil price has jumped more than $3 on account of decline in US crude inventory and Hurricane Florence. US crude inventory fell by 5.3 million barrels compared to forecast of 2.7 million barrels. US oil pared some of its gains made yesterday and is currently trading around $69.26.
On the higher side, any break above 1.3038 (100- day MA) will take the pair to next level till 1.30875/1.3135. Short term trend reversal only above 1.32300.
The near term major support is around 1.2965 and any violation below target 1.2900/1.2865.
It is good to sell on rallies around 1.3038-40 with SL around 1.3090 for the TP of 1.2965/1.2865.
