Major resistance 1.31500
Major support - 1.30370
USDCAD has shown a massive sell-off after BOC monetary policy and Fed Chairman testimony. The BOC kept its rates unchanged at 1.75% and not in rush to change policy. US Fed Chairman was more dovish and reassured that there will be a rate cut in the coming months The policy divergence between the Fed and BOC is supporting the Canadian dollar. The pair hits a fresh 3-day low at 1.30420 and is currently trading around 1.30430.
The jump in crude oil prices above $60 is also supporting the Canadian dollar. Technically, on the flip side near term support is around 1.30370 and any violation below will drag the pair to the next level till 1.3000/1.2920 level.
The major trend reversal only above 1.31500 and minor resistance is around 1.3060/1.3090.
It is good to sell on rallies around 1.3075-80 with SL around 1.3125 for the TP of 1.2965.