FxWirePro: USDCAD breaks major trend line resistance, jump till 1.3175 likely

Major resistance  1.3100 (trend line resistance)

USD/CAD has gained more than 200 pips from the low of 1.28964 on account escalating trade talks between US and Canada.US and Canada trade talks has ended up without any major deal.US President Donald Trump has threatened on Sat that it would terminate the NAFTA if congress intervene. The re-negotiation of US and Canada trade deal is going to happen next week. It hits high of 1.31256 and is currently trading around 1.31499.

WTI crude has shown a minor recovery after a decline on account of rising output from OPEC and US. It hits high of $70.5. It is currently around $70.51. US crude should convincingly break above $70.50 for further bullishness.

On the higher side, near term resistance is around 1.313 and any break above targets 1.3175/1.3245/1.3300.

The near term support is around 1.3060 and any break below targets 1.3000/1.2900/1.2855.

It is good to buy on dips around 1.3100-025 with SL around 1.3 for the TP of 1.3175/1.3245.