FxWirePro: USD/CAD recovers on weak Canada’s factory orders, good to buy on dips

• USD/CAD recovered sharply after weaker than expected Canada factory orders. The pair jumped almost 170 pips and is currently trading around 1.28572.
   
• Canadian manufacturing sales has declined 0.4% compared to forecast of 0.8% increase. The reason for decline was due to weak sales in autos and other transportation.
   
• Crude oil has taken support near trend line and shown a minor jump from that level7 and has shown a minor jump from that level. The key pipeline Forties closure is supporting the oil prices which carries 40% of UK’S North Sea.
   
• Technically, near term support is around 1.2800 and any break below will drag the pair till 1.2745/1.2715 (55- day EMA). Short term weakness only below 1.26000.
   
• On the higher side, near term major resistance is around 1.2928 and any break above will take the pair to next level till 1.3000/1.3050.Bullish continuation can be seen only above 1.2925.

It is good to buy on dips around 1.2805 with SL around 1.2745 for the TP of 1.2928/1.3000