FxWirePro: USD/CAD Faces Strong Support at 21 Day MA, Good to Sell on Rallies

FxWirePro: USD/CAD Faces Strong Support at 21 Day MA, Good to Sell on Rallies

4 July 2016, 13:34
Roberto Jacobs
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FxWirePro: USD/CAD Faces Strong Support at 21 Day MA, Good to Sell on Rallies

  • Major support- 1.2865 (21 day MA) 
  • Major resistance – 1.3033 (200 day MA) 
  • USD/CAD has broken major support  1.2899 (daily Kijun-Sen) and declined till 1.28650 at the time of writing. It is currently trading around 1.28721. 
  • Short term support is around 1.28650 and any violation below confirms minor weakness, a decline till 1.2800/1.27385 (61.8% retracement of 1.24607 and 1.31880). 
  • On the higher side major resistance is around 1.2950 (55 day EMA) and any break above targets 1.2980/1.3035 (200 day MA). 
  • Overall bearish invalidation only above 1.3200.

It is good to sell on rallies around 1.2945-1.2950 with SL around 1.3035 for the TP of 1.2865/1.2785/1.2735

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