FxWirePro: USD/CAD upside capped by 1.37500, good to buy on dips

• The Canadian dollar shown mild consolidation after hitting low of 1.3754 on May 2nd 2017.It is trading between 1.3754 and 1.3679 for the past two trading session. It is currently trading around 1.37187.
   
• The pair upside is capped by 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 has fallen for the fourth day in row nearing lowest level in Mar after lower than expected decline in the US inventories.
   
• 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.