FxWirePro: USD/CAD takes support near trend line, good to buy on dips

• USD/CAD is continuing its weakness for past one week. The pair hits high of 1.31250 and started to decline from the high. Canadian dollar has shown a good jump mainly due to rise in crude oil prices. And positive economic data. The pair hits low of 1.28150 and shown a minor recovery from that level. It is currently trading around 1.28825.
   
• The pair jumped till 1.28735 and any major intraday bullishness only above 1.29221. Oil price has formed a temporary top around $66.52 and shown a minor decline from that level. The decline is mainly due to profit booking as oil rose more than 7% this month and is currently trading around $65.72.
   
• Technically near term resistance is around 1.28735 (55- H EMA) and any break above targets 1.2925/1.2965/1.3000. 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 1.2865 with SL around 1.2815 for the TP of 1.2962/1.3000.