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Short

USD/CAD faces resistance around 1.3900, good to sell on rallies

FX:USDCAD   U.S. Dollar / Canadian Dollar
245 1 5
Major support -1.3847 (200 day MA)

The pair has made a low of 1.3835 and slightly recovered from that level. Short term trend is still bearish as long as resistance 1.3900 holds.

Any break above 1.3900 will take the pair to next level 1.3960/1.4000.

On the lower side any break below 1.38470 will drag the pair further down till 1.3806/1.3740

It is good to sell on rallies around 1.3860-65 with SL around 1.3905 for the TP of 1.3805/1.3740
Hesitant to buy CAD at all with the immense selling in oil
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