The Canadian dollar was trading higher against all majors yesterday especially with the US dollar on the strong crude oil price. US CPI came at slightly better than expected with Core CPI m/m came at 0.3% better than the forecast of 0.2%. The pair hits slow of 1.31848 and shown a nice recovery till 1.32588. It is currently trading around 1.32930.
Crude oil prices have jumped more than $3 after the US trade representative has delayed new tariffs on Chinese goods and hits high of $57.43.
On the flip side, near term support is around 1.31800-850 and any break below will drag the pair to the next level till 1.3145/1.3100.
The near term resistance is around 1.3300 and any violation above will take the pair till 1.330/1.3380.
It is good to buy on dips around 1.3265 with SL around 1.3220 for the TP of 1.3380.