FxWirePro: USD/CAD consolidates in a narrow range, good to buy on dips

• USD/CAD is consolidating in narrow range ahead of US tax vote.  The pair jumped almost 170 pips on Friday due to weaker than expected Canada factory orders and is currently trading around 1.28643.
   
• Canadian manufacturing sales has declined 0.4% compared to forecast of 0.8% increase. The reason for decline was due to weak sales in autos and other transportation.
   
• Crude oil has taken support near trend line and shown a minor jump from that level on account of delay in repair of North Sea pipeline and falling crude inventory. The key pipeline Forties closure is supporting the oil prices which carries 40% of UK’S North Sea.
   
• Technically, near term support is around 1.2840 (200- day EMA) and any break below will drag the pair till 1.2790 (20- day MA)/1.2745/1.2725 (55- day EMA). Short term weakness only below 1.26000.
   
• On the higher side, near term major resistance is around 1.2928 and any break above will take the pair to next level till 1.3000/1.3050.Bullish continuation can be seen only above 1.2925.

It is good to buy on dips around 1.2805 with SL around 1.2745 for the TP of 1.2928/1.3000