FxWirePro: USD/CAD Trade Idea

• USD/CAD continuing its bullishness for 2nd week and has jumped almost 100 pips in this week. It has jumped more than 300 pips from temporary bottom of 1.25275 made on Apr 17th 2018. Loonie jumped mainly due to weak economic data and dovish comment by BOC Governor Poloz. The pair hits high of 1.28606 and is currently trading around 1.28368.
   
• BOC governor testimony on Thursday will be major trend deciding factor. Poloz was already highly dovish and is expected to repeat same comments that bank is in no rush to raise its interest rates again anytime soon.  
   
• WTI Crude oil prices recovered sharply almost more than $2 on account of geopolitical tensions and also due to US might impose sanctions against Iran. It is currently trading around $68.88.
• Technically near term resistance is around 1.28600 and any break above targets 1.2940/1.3000. Overall bullish continuation only above 1.3125.
   
• On the lower side, near term support is around 1.2780 and any break below will drag the pair down till 1.2730/1.2680/1.2635.

It is good to buy on dips around 1.2780-85 with SL around 1.2730 for the TP of 1.2890/1.2945.        

 Resistance

R1-1.2860
 

R2 –1.2945
 

R3- 1.3000

Support               
 

S1-1.2780
 

S2-1.2730
 

S3- 1.2680