FxWirePro: Loonie Trade idea

• USD/CAD has broken major support of 1.35296 low made on Apr 27th 2017 and declined till 1.35085 on account of increasing crude oil prices. Short term trend is still weak as long as resistance 1.3600 (21 EMA) holds. It is currently trading around 1.34860.
   
• WTI Crude oil broken major psychological resistance of $50 and jumped till $51.23 on account of expectations of extended possibly deepened output cut. OPEC including Russia to cut 1.8 million barrels per day will be extended till 2018.
   
• USD/CAD formed a temporary top around 1.37935 on May 5th 2017 and started to decline from that level. The pair breaks below major support at 1.35295 (Apr 27th 2017) and any break confirms that decline till 1.3410. Any break below 1.3410 confirms that jump from 1.2964 comes to an end and dip till 1.3220 likely.
   
• The near term resistance is around 1.3600 (21- EMA) and any break above will take the pair till 1.3680 (61.8% retracement of 1.37935 and 1.35080)/1.3750. Any close above 1.3838 (61.8% fibo) confirms bullish continuation.
  
  It is good to sell on rallies around 1.3550 with SL around 1.3600 for the TP of 1.3410

Resistance
                   

R1-1.3600
                                                            

R2 -1.3660
 

R3- 1.3750
 

Support   
 

S1-1.3500
 

S2-1.3410

S3-1.3220