FxWirePro: Loonie Trade idea

• USD/CAD continuing its losing streak for the third consecutive week. The pair made a low of 1.33876 and slightly recovered from that level on account of highly volatile crude oil. Short-term trend is slightly bullish as long as resistance 1.3550 (200 4H EMA) holds. It is currently trading around 1.3450.
   
• WTI Crude oil shown a huge decline almost $4 as OPEC cuts seems to be ineffective. The commodity took support near 50% fibo and slight weakness can be seen only below that level.
    
• USD/CAD major short term resistance is around 1.3550 (200 4H MA) and any break above confirms minor bullishness, a jump till 1.3595 likely.
   
•  On the lower side, loonie major support is around 1.3380 and any break below confirms that jump from 1.2964 comes to an end at 1.37935 and dip till 1.3285 (200- day MA)/1.3220 likely.
   
• The near term resistance is around 1.3550 (200- 4H MA) and any break above will take the pair till 1.3577 (89- 4H MA)/ 1.3640 (support turned into resistance). Any close above 1.3838 (61.8% fibo) confirms bullish continuation.

It is good to sell on rallies around 1.3460-1.3465 with SL around 1.3550 for the TP of 1.3410/1.3290.

Resistance

R1-1.3550

R2-1.3600

R3-1.3640

Support               

S1-1.3380

S2-1.3300

S3- 1.3220