FxWirePro: USD/CAD recovers sharply from low of 1.27289, good to buy on dips

• USD/CAD has shown nice recovery of almost 100 pips form low of 1.27289 made on Friday. A slight weaker than expected Canadian jobs data has dragged the Canadian dollar down from three week high. Canada jobless rate stable at 5.8% in line with forecasts and employment number contracted by 1100compared with an increase of 16000. Loonie hits low of 1.28340 at the time of writing and is currently trading around 1.28450.
   
• WTI Crude oil prices has once again broken $71 after a minor decline near $70. The main reason for jump is US Iran geopolitical issue.  Iran is second largest producer of in OPEC. It hits high of $71.86 and is currently trading around $71.51.
   
• Technically near term resistance is around 1.2865 and any convincing break above targets 1.2925/1.2965/1.300. Major bullish continuation only above 1.3125.
   
• On the lower side, near term support is around 1.2710 (61.8% fibo) and any convincing break below will drag the pair down till 1.2660/1.2600.

It is good buy on dips around 1.2765-77 with SL around 1.2715 for the TP of 1.2990.