FxWirePro:USD/CAD Trade Idea

USD/CAD hits 6-month high at 1.3449 and shown a minor profit booking. The pair shown a massive recovery more than 250 pips in this week on account of weak crude oil price and dovish Bank of Canada statement.Markets eye US/Canadian jobs data which is to be released today for further direction. The pair hits low of 1.33698 and currently trading around 1.3398.

Brent crude oil price has lost more than 8% after minor recovery till $63.55 as OPEC talks end without oil-cuts deal as Russia holds back. It hits low of $58.84 and is currently trading around $59.93.

On the lower side, near term major support is around 1.3360 and any break below will drag the pair till 1.3300/1.3280 (10- day MA).

The pair is facing major resistance around 1.3450 and any break above targets 1.3500 is possible.

It is good to buy on dips around 1.3360 with SL around 1.33000 for the TP of 1.3500.

Resistance

R1- 1.345

R2 - 1.350

R3- 1.3585

Support               

S1- 1.3380

S2- 1.3270

S3- 1.3200