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USDCAD hits 3-week high amid strong oil prices, markets eye BOC

USDCAD continues to trade higher and hits 3 week high amid oil price spike. It has recovered more than 150 pips from low of 1.32744 made on Apr 17th. Crude oil was trading higher and jumped more than 50% this year and hits fresh 6- month high on US sanctions on Iran and OPEC supply cuts.Markets eye BOC monetary policy today for further direction. It is currently trading around 1.34556.

 

BOC is expected to keep rates unchanged and to be dovish. The central bank’s business survey shows that it has dropped to -0.6% from 2.2%. The economic data released recently shows that wage growth and housing prices decline.

 

On the higher side, near term resistance is around 1.3465 and any break above will take the pair to next level till 1.3500/1.3580.

 

The minor support is around 1.34000 and any break below targets 1.3380/1.3340.

It is good to buy on dips around 1.34000 with SL around 1.3360 for the TP of 1.3500.

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