FxWirePro: USD/CAD Trade Idea

• USD/CAD hits 2 –week high at 1.29950 at the time of writing from low of 1.27496 almost 250 pips in previous week on account of huge decline in oil prices. It is currently trading around 1.29889.
   
• US is planning to impose import tariff for foreign automobiles .Mexico and Canada are currently the biggest supplier of US car imports, worth a combined $89 billion annually. If tariff comes into effect they would feel a massive amount of pain.
   
• WTI Crude oil prices has shown a huge decline of more than $3 after Saudi Arabia and Russia discussed easing supply curbs  and they may increase supplies. It hits low of $65.78 and is currently trading around $66.76.
   
• Technically near term resistance is around 1.3000 and any convincing break above targets 1.3080/1.3125.Major bullish continuation only above 1.3125.
   
• On the lower side, near term support is around 1.2945 and any convincing break below will drag the pair down till 1.28850 (23.6% fibo)/1.2850 (7- day MA)/1.2800. the minor support is around 1.28500.

It is good buy on dips around 1.2940-45 with SL around 1.2880 for the TP of 1.3000/1.3050.