- Major resistance- 1.34000
- USD/CAD has jumped after making a low of 1.3361 yesterday. It is currently trading around 1.33536.
- Loonie upside is capped by 1.4000 on account of US elections. The pair jumped till 1.3391 at the time of writing and started to show a decline from that level.
- Short term trend is slightly weak as long as resistance 1.4000 holds.
- Any violation above 1.4000 will take the pair to next level till 1.34175/1.3465 (Nov 4th 2016 high).
- On the lower side, 1.3278 will be acting as major support and any violation below confirms minor trend reversal, a decline till 1.3235 (daily Kijun-Sen)/1.3200 (55- day EMA) .
It is good to sell on rallies around 1.3385-1.3390 with SL around 1.3465 for the TP of 1.3278/1.3200
Resistance
R1-1.34000
R2-1.34650
R3-1.3500
Support
S1-1.3350
S2- 1.3278
S3- 1.3200