FxWirePro: Buy USD/CAD on dips

USD/CAD has lost more than 150 pips from the temporary top formed at 1.31750. US dollar was trading weak against all majors after Trump criticized Fed on rate hike. It hits low of 1.30091 at the time of writing. It is currently around 1.30120.

The NAFTA agreement and trade war tensions between US and Canada is putting pressure on Canadian dollar prices.

WTI crude has shown a recovery of more than $1 from the low of $66.63. It hits high of $67.65 on account of Iran sanctions and weaker than expected API crude inventory. It is facing strong resistance around $67.95 (20- day MA) and any break above targets $70..It is currently around $67.57.

On the higher side, near term resistance is around 1.3056 (20- day MA) and any break above targets 1.3100/1.3135 (50- day MA)/1.3715.

The near term support is around 1.300 and any break below targets 1.3000/1.2980 (100- day MA).

It is good to buy on dips around 1.3000 with SL around 1.2965 for the TP of 1.3010/1.3130