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FxWirePro: USDCAD trades higher despite a sharp jump in crude oil price, good to buy on dips
USDCAD is trading higher for 4th consecutive days and jumped more than 130 pips from the low on short-covering in US dollar buying ahead of Fed policy. Crude oil jumped sharply nearly 20% after a drone attack in Saudi. But Trump assured to use emergency oil reserve will prevent from a further jump in oil price. The pair hits an intraday high of 1.32775 and is currently trading around 1.32700.
Technically, major support is around 1.3135 and any violation below will drag the pair till 1.3090/1.3050. The minor support is at 1.3180.
The near term resistance is around 1.3300 and any break above targets 1.3380/1.3435.
It is good to buy on dips around 1.3235-40 with SL around 1.3180 for the TP of 1.3380.