FxWirePro: USD/CAD Daily Outlook

• USD/CAD has shown a minor jump after forming a temporary bottom at 1.23622. The major data for further movement of Canadian dollar is due to NAFTA talks. The pair jumped till 1.2508 and is currently trading around 1.24852.
   
• The sixth and almost last round of talks on NAFTA among Canada, the United States and Mexico is scheduled to take place in Monreal from Tuesday to next Monday. 
   
• Crude oil price has shown a almost $1 jump on declining US drilling activity. US drilling has slightly declined by to 747 in the week to Jan 19th . It is currently trading around $63.80.
   
• Technically, major short term support is around 1.2435 and any break below will drag the pair till 1.23550. Short term bullish invalidation below 1.23550.
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• On the higher side, near term major resistance is around 1.26000  and any break above will take the pair to next level till 1.2638 (daily Kijun-Sen)/1.27070 (61.8% retracement). Short term bearish invalidation only above 1.2925.  The minor resistance is around 1.2495 (10- day MA).

It is good to sell on rallies around 1.2525-30 with SL around 1.2600 for the TP of 1.2350/1.2300