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

• Loonie has formed a temporary bottom around 1.2666 and showing a minor jump from that level. The pair jumped till 1.27730. It is currently trading around 1.27528.
   
• USD/CAD broken trend line resistance at 1.2740 (trend line joining 1.29147 and 1.28196) and this confirms minor bullishness, a jump till 1.28195/1.2900 likely.
   
• Crude oil prices declined sharply after hitting high of $57.89 on account higher than inventory buildup.  API reported shocking build of 6.513 million barrels compared to forecast of decline of 1.4 million barrels. The near term support is around $55 and any break below will drag the commodity down till $54/$53.
   
• On the lower side, minor support is around 1.2690 and any break below will drag the pair down till 1.2600/1.2540/1.2500.

It is good to buy on dips around 1.2735-1.2740 with SL around 1.2690 for the TP of 1.28195