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FxWirePro: USDCAD hits 3-week high on dovish BOC, good to buy on dips
USDCAD continues to trade higher for 2nd consecutive days on dovish Bank of Canada monetary policy. It has kept its rates unchanged at 1.75% as expected and downgraded GDP growth projections in 4Q19. The central bank has removed the reference to the current rate as "appropriate". The pair hits an intraday high of 1.31715 and is currently trading around 1.31658.
WTI crude oil plunged sharply after IEA forecasts a 1m bpd surplus in the first half of 2020. It has lost more than $2.5 in the past two days and is currently trading around $55.83.
USDCAD is facing strong resistance around 1.31950, any further bullish continuation only beyond that level. Any break up targets 1.31800/1.3238.
On the flip side, near-term support is around 1.3130 and any indicative break under will drag the pair till 1.3070/1.3020/ 1.3000/1.29500.
It is good to buy on dips around 1.3135-38 with SL around 1.3070 for the TP of 1.3300.