FxWirePro: USD/CAD recovers on weaker Canadian economic data, good to buy on dips

• USD/CAD has shown a good jump of more than 150 pips from the low of 1.27496 made on Friday on account of weaker than expected Canadian economic data. The pair hits high of 1.29113 on Friday and shown a minor decline from that level. It is currently trading around 1.28572.
   
• Canada’s consumer price index (CPI) rose by 2.2% on an annual basis in Apr compared to forecast of 2.3%.But retail sales jumped more than estimate by 0.6% quickest pace since Oct 2017.
   
• WTI Crude oil prices has shown a minor profit booking after high of $72.28 level. It hits 3 ½ year high on concerns that Iranian exports might fall due to US sanctions. It is currently trading around 71.36.
   
• Technically near term resistance is around 1.2925 and any convincing break above targets 1.2965/1.3000. Major bullish continuation only above 1.3125.
   
• On the lower side, near term support is around 1.2800 and any convincing break below will drag the pair down till 1.2710(61.8% fibo )/1.2660/1.2600.

It is good buy on dips around 1.2785-90 with SL around 1.2735 for the TP of 1.2860/1.2910.