FxWirePro: USD/CAD trades lower after more dovish comment for BOC, good to sell on rallies

• Canadian dollar recorded biggest one day rally in two months after more dovish comment from BOC Governor Poloz on Wednesday. But its upside momentum is short lived. The pair pared most of its losses made yesterday on account of renewed trade war between U.S and other countries. US has imposed import tariff on steel and aluminum product yesterday on EU, Mexico and Canada. US commerce secretary Wilbur Ross said EU companies would face 25% duty on steel and 10% duty on aluminum from midnight on Thursday. The pair hits high of 1.29904 and is currently trading around 1.29521.
   
• WTI Crude oil prices has shown a minor jump till $68.63 and started to show minor decline on account of rising US crude production. In March US crude production has jumped to 215000 bpd to 10.47 million bpd , new monthly record. It is currently trading around $67.25.
   
• Technically near term resistance is around 1.3000 and any convincing break above targets 1.3050/1.3080.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 1.2740/1.2700.

It is good to buy on dips around 1.2920 with SL around 1.2860 for the TP of 1.300/1.3045.