FxWirePro: USD/CAD trades higher on dovish Poloz speech, good to buy on dips

• USD/CAD shown a massive jump of 179 pips from the low of 1.28038. The pair jumped till 1.29845 almost near to 2018 high at 1.30013. Intraday trend is neutral/.The pair should break above 1.3000 for further upside. The main reason for decline in Canadian dollar is due to dovish statement by Bank of Canada Governor Stephen Poloz. It is currently trading around 1.29451.
   
• The NAFTA negotiations are the major factor that reduces chance of rate hike by Bank of Canada.
   
• Oil prices has shown a more than 2.5% yesterday from the high of $61.95 as government forecast showed that US shale output is expected to rise to a record 6.95 million.US crude declined till $60.29 and is currently trading around $61        
• On the higher side, major resistance is around 1.3000 and any break above will take the pair till 1.3062/1.3130.
   
• The near term support is around 1.2920 and any break below will take the pair till 1.2860/1.2800.Short term bearish continuation only below 1.2800.

It is good to buy on dips around 1.2920-25 with SL around 1.2860 for the TP of 1.3060.