USDCAD has given massive spike till 1.37597 due to massive sell-off in crude oil prices. WTI crude lost more than 40% in the past 5 trading days. The decline came after Saudi planned to cut more than 10 million barrels a day. It is currently trading around 1.36049.
Technically, near-term major support is around 1.35650 and any violation beneath will drag the pair down till 1.3500/1.34800.
The immediate resistance is at 1.3620, the indicative break beyond targets 1.3660/1.3700/1.37597. Significant trend continuation only if it breaks 1.3800.
It is good to buy on dips around 1.3570-75 with SL around 1.3525 for the TP of 1.3665.
