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

• The Canadian dollar continued its losing streak for the eighth consecutive days and hits fresh 14 month low yesterday on account of weak Crude oil prices. The pair hits 1.37574 and declining slightly from that level. It is currently trading around 1.37268.
   
• The pair clears easily major resistance at 1.3700 and facing hurdle at 1.3750 and further bullish continuation can be seen above that level. Any break above targets 1.3838 (61.8% retracement of 1.4689 and 1.2460)/1.38590 is possible.
   
• US crude oil settles at lowest level in five weeks yesterday, after signs that Libya is ramping up the production and is expected to produce 750,000 barrels per day of crude.
   
• Minor term trend is still bullish as long as support 1.35295 holds.
   
• On the lower side, minor near term support is around 1.3600 and any break below will drag the pair down till 1.35295 (Apr 27th low)/1.3480.Major short term support is around 1.3410.
   
• In the daily chart RSI and MACD shows overbought and is expected to show a minor decline.

It is good to buy on dips around 1.3650 with SL around 1.35980 for the TP of 1.3710/1.3838.