FxWirePro: USD/CAD trades lower on strong crude oil price, good to sell on rallies

• USD/CAD has declined sharply after recovering till 1.250. The pair broken major support of 1.23550 on Jan 5th 2018 low and declined till 1.23478. It is currently trading around 1.23515.
   
• The good jump in Canadian dollar happened after Trump said talks to renegotiate NAFTA were doing well. The sixth and almost last round of talks on NAFTA among Canada, the United States and Mexico has started in Monreal from yesterday to next Monday. 
   
• WTI crude oil price has broken $65 per barrel for the first time since 2014 on account of declining US inventories for the 10 th week.  US crude inventories declined 1.1 million barrels and total inventories at 411.6 million barrels lowest since Feb 2015. It is currently trading around $64.59.
   
• Technically, major short term support is around 1.23000 and any break below will drag the pair till 1.2270/1.2200.
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• On the higher side, near term major resistance is around 1.2435 and any break above will take the pair to next level till 1.2480/1.2530. Minor bullishness only above 1.2600.

It is good to sell on rallies around 1.2405-41 with SL around 1.2465 for the TP of 1.2280/1.2200