USDCAD trades lower for 5th consecutive day and hits 2-week `low The pair has lost more than 200 pips and decline was mainly due to
- Fed Chairman comments increased hopes of rate cut
- Canada’s trade deficit has narrowed to 6-month low on rising exports
- Crude oil has recovered more than 5% from low of $51.15.
The major support is around 1.3350 and any violation below will drag the pair to next level till 1.3300/1.3265.
The near term resistance is 1.3435 and any convincing break above targets 1.3475/1.3520.The pair should break above 1.3565 for further bullishness.
It is good to sell on rallies around 1.3380-85 with SL around 1.3430 for the TP of 1.3300/1.3270.
