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FxWirePro: USDCAD hits 4-1/2-month high on weak crude oil, good to buy on dips
USDCAD hits 4-1/2-month high on weak crude oil prices. WTI crude oil declined till $47.85, the lowest level since Dec 17th, 2018 as the spread of coronavirus will reduce the global demand. The pair jumped till 1.33476 and is currently trading around 1.33245.
Technically, immediate resistance is at 1.3385 and any indicative break above confirms decline from 1.36645 got completed at 1.29517, a jump till 1.3565 is possible.
On the flip side, near term support at 1.3300 and indicative break below targets 1.3260/1.3230.
It is good to buy on dips around 1.3300 with SL around 1.3260 for the TP of 1.3435.