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FxWirePro- Woodies Pivot(Major) 
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FxWirePro- Woodies Pivot(Major) 
- USD/CAD is trading higher after pair hitting low of 1.2250. Canadian dollar declined slightly after BOC deputy Governor Timothy Lane signals gradualist approach to more rate hikes.
- Canada CPI Y-O-Y rose to 1.4% last month from the forecast of 1.5%. Retail sales came at 0.4% compared to forecast of 0.2% on cars, food. But decline in inflation has dragged the Canadian dollar as BOC will not raise rates rapidly.
- Crude oil is trading higher and closed above $50 after OPEC defers oil output cut decision. The oil is facing minor resistance at $51.10 and any break above will take the commodity to next level till $51.97.
- On the higher side, near term resistance is around 1.23400 (38.2% retracement of 1.27782 and 1.20613) and any break above will take the pair till 1.24285 (50% fibo). The pair should break above 1.2425 for minor bearish invalidation.
- The near term support is around 1.2250 and any break below will drag the pair down till 1.2165/1.20600.
It is good to buy on dips around 1.2300 with SL around 1.2250 for the TP of 1.2425/1.2500.
