FxWirePro: USD/CAD struggles to close above 1.2900, good to buy on dips

• USD/CAD has shown nice recovery of almost 190 pips from low of 1.27289 made on Friday. A slight weaker than expected Canadian jobs data and rising US 10 year bond yield has dragged the Canadian dollar down from three week high. Canada jobless rate stable at 5.8% in line with forecasts and employment number contracted by 1100 compared with an increase of 16000. Loonie hits high of 1.29245 yesterday and is currently trading around 1.28591.
   
• WTI Crude oil prices has once again broken $71 after a minor decline near $70. The main reason for jump is US Iran geopolitical issue.  Iran is second largest producer of in OPEC. It hits high of $71.86 and is currently trading around $71.51
• Technically near term resistance is around 1.2925 and any convincing break above targets 1.2965/1.300. Major bullish continuation only above 1.3125.
• On the lower side, near term support is around 1.2710 (61.8% fibo) and any convincing break below will drag the pair down till 1.2660/1.2600.

It is good buy on dips around 1.2825-30 with SL around 1.2770 for the TP of 1.2990.