FxWirePro: USD/CAD Trade Idea

• Major intraday Resistance – 1.25850 (trend line joining 1.27781 and 1.26910).
   
• The pair shown a minor recovery from the low of 1.25477 yesterday on account of slight dip in crude oil prices. Short term trend is still as long as resistance 1.26910 holds.
   
• Loonie declining slightly after hitting high of 1.25815 at the time of writing and is currently trading around 1.25738.
   
• Crude oil recovered slightly after hitting low of $47.01 on account of supply tightening especially in U.S. U.S crude oil stocks has been continuously falling for past few weeks.
   
• On the lower side, near term support is around 1.2550 and any convincing break below will drag the pair down till 1.2500/1.2430.

It is good to sell on rallies around 1.2605-1.2610 with SL around 1.2655 for the TP of 1.2545/1.2500

Resistance
               

R1- 1.2620

R2 1.2650
 

R3- 1.2700
 

Support               
 

S1-1.2550
 

S2-1.2500
 

S3-1.2430