FxWirePro: USD/CAD trades higher following G7 summit, good to buy on dips

• USDCAD has shown a nice recovery from low of 1.29205 yesterday. The Canadian dollar was trading lower following G7 summit in Quebec. But comments from Canadian PM Justin Trudeau said in press conference that Canada would impose tariffs on US imported goods on Jul 1st 2018. Trump lashed out Canada’s PM in twitter saying that “very dishonest and weak” and also threatened to impose tariffs on automobile. The pair hits intraday high of 1.29945 and is currently trading around 1.29985
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• WTI Crude oil prices has shown a good decline after a minor jump till $66.21 as US oil drilling activity highest level since Mar 2015 and increasing output from Russia. It is currently trading around $64.92.
   
• Technically near term resistance is around 1.3067 and any convincing break above targets 1.3125.Major bullish continuation only above 1.3125. The minor resistance is around 1.3000/1.3035.
   
• On the lower side, near term support is around 1.2880 and any convincing break below will drag the pair down till 1.2850/1.2800.

It is good to buy on dips around 1.2965-70 with SL around 1.2920 for the TP of 1.3125.