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FxWirePro: USD/CAD trades higher on broad based USD buying and weak crude oil prices, good to buy on dips

USD/CAD is trading steady on account of broad based USD buying and weak oil prices. The pair hits high of 1.31265 yesterday and started to decline slightly. Short term trend is bullish as long as support 1.30750 holds.

 

Canadian whole sale trade came at 0.1% in August compared to forecast of 0.2%. Canada CPI and retail sales data released on Friday came slightly weaker than expected. Markets eye BOC rate decision to be happened tomorrow for further direction.

 

Crude oil prices has dropped more than 2% on news of Saudi will increase output by 11 million b/d.Markets eye US crude oil inventory for further direction. WTI crude has declined till $67.96 and is currently trading around $68.

 

On the higher side, major resistance is around 1.3130 and any break above targets 1.3175/1.32450.

 

The near term major support is around 1.3075 and any violation below targets 1.3000/1.2935.

 

It is good to buy on dips around 1.3085-90 with SL around1.3045 for the TP of 1.3245.

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