FxWirePro: USD/CAD Trade Idea

• Candle stick pattern- Bullish Engulfing.
   
• USD/CAD has shown a good recovery after hitting low of 1.28298 yesterday. Canadian dollar has shown a good jump on Wednesday on optimism for NAFTA deal. Global trade war is expected to offset optimism about NAFTA deal.
   
• The pair jumped till 1.29486 and shown a minor decline from that level. It is currently trading around 1.29178.
   
• Oil price has shown a minor profit booking from the high of $65.69 and is currently trading around $64.65.
   
• Technically near term resistance is around 1.2960 (55- 4H EMA) and any break above targets 1.3000/1.3050. Overall bullish continuation only above 1.3125.
   
• On the lower side, near term support is around 1.2800 and any break below will drag the pair down till 1.2760/1.2700.

It is good to buy on dips around 1.2880 with SL around 1.2830 for the TP of 1.2962/1.3000.               

Resistance
 

R1-1.2960
 

R2 – 1.3000
 

R3-1.3050

Support               
 

S1-1.2800
 

S2-1.2760
 

S3- 1.2700