Major resistance - 1.3385 (trend line joining 1.34450 and 1.33958)
USDCAD formed a double bottom around 1.3295 and shown a massive recovery till 1.3400. The jump was due to weak business sentiment on account of weak energy sector, housing slowdown and global trade tensions. This has increased odds of rate cuts by BOC on Dec to 40% after the data.It hits high of 1.34028 and is currently trading around 1.33958.
On the lower side,, near term support is around 1.3360 and any break below will drag the pair to next level 1.3320/1.3290. Any violation below 1.3290 confirms minor weakness.
The near term resistance is around 1.34028 and break above targets 1.3465/1.3500.
It is good to buy on dips around 1.3380 with SL around 1.3340 for the TP of 1.3465.
