The Bank of Canada kept its key interest rate target on hold at 1.25%. But recent developments in trade policy will be major factors that affect the economy of Canada.
Oil prices has shown minor jump after declining almost $1.50 yesterday. US crude has rose slightly less than expected at 2.4 million barrels compared to forecast of 2.6 million barrels. It is currently trading around $61.04.
On the higher side, major resistance is around 1.3000 and any break above will take the pair till 1.3000/1.3070.
The near term support is around 1.2868 (7- day MA) and any break below will take the pair till 1.2800/1.2760.Short term continuation only below 1.2800.
It is good to buy on dips around 1.2915-20 with SL around 1.2860 for the TP of 1.3000/1.3070.