USDCAD is trading weak for the 5th consecutive week and declined more than 250 pips from high of 1.33080. It was one of the worst performers in G10 previous year and lost more than 5% on surging crude oil price and broad-based US dollar selling. The pair hits low of 1.30159 and is currently trading around 1.31628.
WTI crude continues to trade higher for the past 3 months and jumped more than 20% from low of $50.97 on easing US-China trade tensions and extended production cuts by OPEC. It hits high of $66.59 and is currently trading around $1.35.
Technically, the pair is trading well below 1.3000 and this confirms trend continuation, a dip till 1.2780.
The significant resistance is around 1.3025, violation beyond targets 1.3070/1.3110. The minor levels to be watched are 1.3000.
It is good to sell on rallies around 1.3000 with SL around 1.3030 for the TP of 1.2880/1.2785.
