As per our analysis, USDCAD is trading weak for 2nd consecutive days and lost more than 450 pips from minor top 1.46675. The decline was mainly due to broad-based US dollar selling DXY has broken yesterday's low of 100.84 and a dip till 100 likely. Loonie declined till 1.41719 at the time of writing and is currently trading around 1.41776.
WTI crude oil is consolidating after minor pullback till $25.20.Any violation above $25.85 confirms minor bullishness, a jump till $30 likely.
Technically, near term resistance is around 1.4350 and any violation above targets 1.4385/1.4425/1.4530. Major trend continuation only if it breaks 1.4660.
On the flip side, immediate support is at 1.4150 and the indicative break below will drag the pair down till 1.4000/1.3700.
It is good to sell on rallies around 1.4285-88 with SL around 1.4380 for the TP of 1.3725.
