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