USD/CAD trades lower on higher oil price,good to sell on rallies

FX:USDCAD   U.S. Dollar / Canadian Dollar
223 0 6
Loonie has raised above Friday high of 1.29572 and declined from that level yesterday . Overall yesterday trend was very weak on account of better than expected existing home sales data of Canada and stronger crude oil             prices.

Sales of existing home sales rose 3.1 pct in Apr             from Mar highest level ever.US oil             prices hits new 2016 high on account of Nigeria oil             disruption.

Loonie breaks 100 HMA and 200 HMA and declined till 1.28465 level. On the lower side major support is around 1.2830 and any break below will drag the pair down till 1.2775/1.2754 (21 day MA).

USD/CAD             major intraday resistance around 1.2900 (200 day HMA ) and any break above will take the pair till 1.2925/1.29415/1.29623 (yesterday high).The pair should close above 1.3000 for further up move.

It is good to sell on rallies around 1.2865-1.2870 with SL around 1.2920 for the TP of 1.28000/1.2755.
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