FxWirePro: USD/CAD Trade Idea

• USD/CAD has once again recovered slightly after hitting a low of 1.2958 on account of weak crude oil prices. The pair jumped till 1.29935 at the time of writing. It is currently trading around 1.29839.
   
• US crude oil slip by more than 1% yesterday on continuing increase in US oil production. Crude oil dipped till $44.22 at the time of writing from the high of $46.50 yesterday. U.S crude inventories fell by 6.3 million barrels last week to a six month low. But rise in U.S production by 88,000 barrels a day to 9.338 million barrels a day.
   
• On the higher side, major resistance is around 1.3020 and any break above will take the pair till 1.3089 (23.6% retracement of 1.33475 and 1.29122)/1.3105 (89- 4H EMA)/1.3150.
   
• The near term support stands at 1.2900 and any break below will drag the pair till 1.2825 (Jun 9th 2017 low)/1.2800.

It is good to buy above 1.3020 with SL around 1.2965 for the TP of 1.3085/1.3150.

Resistance
                   

R1-1.3020
                               

R2 -1.3105
 

R3- 1.315
 

Support   
 

S1-1.2900
 

S2-1.2825

S3-1.2770