FxWirePro: USD/CAD trades higher on weak crude oil, good to buy on dips

• Major trend line resistance- 1.2810 (trend line joining 1.29148 and 1.28368).
   
• USD/CAD is trading higher for the past two days on account of weak crude oil price and broad based buying in US dollar. US dollar was trading higher against all major yesterday after tax bill clears Senate Budget committee. The pair has broken trend line resistance at 1.2810 and jumped till jumped till 1.28483 and is currently trading around 1.28250.
   
• Market awaits OPEC meeting to be held tomorrow for further direction.
   
• Crude oil prices has major decline after hitting 2-1/2 high at $59.02 on Friday. Oil prices declined on uncertainty over OPEC production extension and restart of Keystone pipeline. The commodity declined almost more than $1 till $57.50. It is currently trading around $57.82.
   
• The pair has formed a minor bottom at 1.26675 and shown a jump till 1.28483. The near term major support is around 1.2660 and any minor weakness can be seen below that level. Any break below will drag the pair to next level till 1.2600/1.2500. It should break below 1.24300 for overall bearishness.
   
• On the higher side, near term resistance is around 1.28500 and any violation above will take the pair to next level till 1.2900/1.29280 (50% fibo)/1.300. Short term bullishness can be seen only above 1.2835. Any convincing break above will take the pair to next level till 1.2900/1.29280.

It is good to buy on dips around 1.2800 with SL around 1.2749 for the TP of 1.2900/1.2928.