USD/CAD Trade Idea
- Major Support – 1.2920 (90 4H EMA)
- Loonie has slightly recovered after making a low of 1.29310. It is currently trading around 1.2949.
- Short term trend is bullish as long as resistance 1.31204 (Jun 27th 2016 high) holds.
- Any break above 1.3125 will take the pair to next level 1.31880/1.3220.the minor resistance is around 1.3000/1.3060.
- On the lower side, major support is around 1.2920 and any violation below will take the pair till 1.2880 (21 day MA) /1.2830 (61.8% retracement of 1.26544 and 1.31204). â€‹
- The Canadian dollar has been trading strongly against all other major’s on account of higher crude oil prices.
It is good to sell on rallies around 1.2975-1.2980 with SL of 1.3055 for the TP of 1.2925/1.2880/1.2830
Resistance: R1- 1.3000, R2-1.3060, R3-1.3125
Support: S1- 1.2930, S2-1.2880, S3-1.2830