USDCAD trades lower and lost nearly 90 pips from high 1.34935 on account of easing trade tension. US Treasury Secretary Mnuchin said that US and Canada trade official is in talks to resolve steel and aluminium tariff. Canadian inflation came at 2% Y-O-Y up from its reading of 1.9% in Mar and 1.5% in Feb. It hits intraday low of 1.34011 and is currently trading around 1.34065.
On the lower side, near term support is around 1.3385 (55- day EMA) and any break below will drag the pair to next level till 1.3350/1.3300. Any break below 1.32750 confirms further bearishness.
The near term resistance is around 1.3440 and any break above will take the pair to next level till 1.3500. Any break above 1.3520 will take the pair till 1.3580/1.3660.
It is good to sell on rallies around 1.3455-60 with SL around 1.3500 for the TP of 1.3300.
