FxWirePro: USD/CAD consolidates in narrow range, good to sell on rallies

• USD/CAD struggles to gain on a stronger dollar and declining oil prices. The pair is consolidating in narrow range between 1.33085 and 1.31640 for the past one week. It is currently trading around 1.3215.
   
• Crude oil prices extended last week weakness and hits low of $44.01. It has closed at $44.31 lowest in 7 month.
   
• The near term support is around 1.31640 low formed on Jun 14th 2017 and break below confirms bearish continuation. Any break below minor bottom 1.31640 will drag the pair till 1.2968 level. Any close below confirms the top formed at 1.37935 and a decline till 1.2968 (Jan 31st 2017 low) likely.
   
• The pair has shown minor bearish cross over (21 EMA crossing below 55 EMA) and this confirms minor weakness.
   
• On the higher side, near major resistance is around 1.3330 (200- day MA) and any break above confirms minor bullishness and a jump till 1.3380/1.3480/1.3570 is likely.

It is good to sell on rallies around 1.3255-1.3260 with SL around 1.3330 for the TP of 1.3000/1.2968.