USDCAD hits fresh 34-month high at 1.37962 and is currently trading around 1.37082. The massive jump due to major sell-off in crude due to price war and coronavirus. WTI crude lost more than 50% this year and hits 4- year low at $27.40. The slight recovery in oil prices due to short covering helping the Canadian dollar.
Technically, near term support is around 1.36895 and any violation below will drag the price down till 1.36560/1.3600.
The immediate major resistance is at 1.3800 and the indicative break above targets 1.3850/1.3900.
It is good to sell on rallies around 1.3758-60 with SL around 1.3800 for the TP of 1.3650.
