As per our analysis, USDCAD is trading weak after a jump for 3-1/2 months. The pair surged more than 13% this year on account of major sell-off in crude oil prices.WTI crude recovered more than 20% from a low of $20.58. Loonie declined till 1.42966 at the time of writing and is currently trading around 1.43247.
Technically, near term resistance is around 1.44580 and any violation above targets 1.4530/1.4560. Major trend continuation only if it breaks 1.4660.
On the flip side, immediate support is at 1.4300 and the indicative break below will drag the pair down till 1.4145/1.4000/1.3700.
It is good to sell on rallies around 1.448-50 with SL around 1.4530 for the TP of 1.3725.