USD/CAD breaks above 100-DMA, good to buy on dips

FX:USDCAD   U.S. Dollar/Canadian Dollar
USD/CAD             jumped to a high of 1.3090 on Friday before trimming gains to end the day at 1.3036 levels.

The pair has broken major resistance at 1.3000 (100-DMA), scope for further gains on charts.

Oil             edges lower on the day, ignores bullish comments from Saudi oil             minister, keeps CAD subdued.

Momentum studies for the pair are bullish . 1.3090 (Friday’s high), above which the pair could target 1.3107 (June 28 high), 1.3121 (June 27 high) and then 1.3189 (May 24 high).

Weakness only on break below 1.2986 (23.6% Fib of Jan to May fall), test of 1.2931 (50-DMA) then likely.

US and Canada data docket is empty today, focus on overall sentiment across markets and the oil             price movements.

Good to buy dips around 1.3020/30, SL: 1.2985, TP: 1.3090/ 1.31/ 1.3120/ 1.3190
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