FxWirePro: USD/CAD hits 10- week high, good to buy on dips

• USD/CAD continuing its bullishness and hits 10 week high yesterday highest monthly decline since Alberta wild fire. The Canadian dollar down almost 4.2% worst performer for this month. The pair continuing its bullish trend for third consecutive days and jumped till 1.28494 level. Fed Powell testimony and positive US economic data are supporting prices of dollar. The pair hits high of 1.2849 and is currently trading around 1.28535.
   
• Market eyes Canada GDP data which is to be released tomorrow for further direction of Canada dollar.
   
•  Oil prices continuing its weakness for the third consecutive days due to reports of rise in US crude inventory.  Energy information Administration (EIA) shows that crude inventories rose by 3 million barrels in the week compared to forecast of 2.1 million barrels. Crude oil prices hits low of $61.31 and is currently trading around $61.38.
   
• On the higher side, major resistance is around 1.2850 and any break above will take the pair till 1.2900/1.2925.
   
• The near term support is around 1.2755 (23.6% fibo) and any break below will take the pair till 1.2720 (5- day MA)/1.2655 (10- day MA)/1.2600. Short term bearish continuation only below 1.2450.

It is good to buy on dips around 1.2820-25 with SL around 1.2770 for the TP of 1.290/1.2925.