- US dollar pulled back from three and half month high on account of decline in oil prices and interest rate hike by U.S Fed. Loonie hits low of 1.31650 and shown a minor jump from that level. It is currently trading around 1.32372.
- BOC chance of rate hike this year have surged 87% after better than expected Canadian jobs data. Crude oil prices slumped to their lowest in seven months after unexpected buildup in inventories.
- USD/CAD broken the major support 1.3220 and declined slightly from that level. Any close below confirms the top formed at 1.37935 and a decline till 1.2968 (Jan 31st 2017 low) likely.
- On the higher side, near major resistance is around 1.3325 (200- day MA) and any break above confirms minor bullishness and a jump till 1.3380/1.3480/1.3570 is likely.
It is good to sell on rallies around 1.3245-1.3250 with SL around 1.3325 for the TP of 1.3000/1.2968.
