USDCAD has recovered sharply more than 150 pips from an intraday low of 1.40315. The massive sell-off in WTI crude oil prices yesterday and fallen below $0 level first time in history. Ahead of expiry on Tuesday, NYMEX futures declined to minus $37.63 a barrel.
Technically, near term support is around 1.4160 and any violation below will drag the pair down till 1.410/1.40535.
The immediate resistance is at 1.423 and any indicative break above targets 1.4300/1.43490.
It is good to buy on dips around 1.4178-80 with SL around 1.4140 for the TP of 1.4300.
