FxWirePro: USD/CAD trades weak on higher oil price, good to sell on rallies

• USD/CAD has shown a minor selling after hitting 3-1/2 month high on Oct 31st 2017. The major decline in Loonie was due to higher oil price. Oil prices hits two –year high on extension of OPEC supply cuts.   The pair hits low of 1.27155 and is currently trading around 1.27677.
   
• WTI crude oil soars as U.S oil rigs see biggest decline of the year. Baker Hughes has reported that number of rigs has fallen for the week almost 11 rigs highest in this year.
   
• Technically on the higher side near term resistance is around 1.2800 and any break above will take the pair to next level till 1.2850/1.2900. Bullish continuation can be seen only above 1.2925.
   
• The major support is around 1.2710 (23.6% retracement of 1.20613 and 1.29148) and any break below will drag the pair to next level till 1.2638 (20- day MA)/1.2600.Minor weakness can be seen only below 1.2600.

It is good to sell on rallies around 1.2765-1.2770 with SL around 1.2825 for the TP of 1.2605.