FxWirePro: USDCAD breaks major trend line resistance, jump till 1.32900

Major support - 1.3000

USDCAD is trading higher for the 6th consecutive day and jumped nearly 180 pips from low of 1.30159. The jump was mainly due to broad-based US dollar buying. US dollar index hits 6-week high and near term resistance is around 98. Any violation above targets 98.32. Markets eye US Advance GDP data for further direction.

The crude oil prices have shown a recovery of $1 after crude inventories take a huge drop. The upside is capped by 55- day EMA at $57.65 and any minor trend reversal only above that level. Any major bullishness only above $60.50.

Technically, on the flip side near term support is around 1.30130 and any violation below will drag the pair to the next level till 1.30850/1.3030/1.3000 level.

The major trend reversal only above 1.3200 and any break above will take the pair to net level till 1.3230/1.32905.

It is good to buy on dips around 1.3150 with SL around 1.3100 for the TP of 1.3290.