FxWirePro: USD/CAD Intraday trade idea

• USD/CAD has shown a minor jump almost 115 pips on Friday after better than expected US building permits and housing starts. The pair hits intraday high of 1.25574. It is currently trading around 1.2550.
   
• US housing starts jumped almost 10% in Jan to an annual rate of 1.33 million and building permits also hit a 101/2 high to 1.40 M compared to forecast of 1.29 M.
   
• Oil prices has shown a good recovery from the low of $58.05. Crude oil prices has shown a good recovery and broken 233- day MA at $62.14 and jumped till $ 62.52. The upside is limited as US crude production notched a record 10.25 mbpd last week.    
           
• On the higher side, major resistance is around 1.2560 and any break above will take the pair till 1.2600/1.26490/1.26880.
   
• The near term support is around 1.2450 (50% fibo) and any break below will take the pair till 1.2435/1.2355. Overall bearish continuation only below 1.2245.

It is good to buy on dips around 1.2545-50 with SL around 1.2645 for the TP of 1.2600/1.2660.