FxWirePro: Loonie breaks major support at 1.3410 on optimistic BOC statement, targets 1.3220

• USD/CAD hits fresh 1- month low on account of optimistic Bank of Canada statement and rising oil prices. Short term trend is still weak as long as resistance 1.3548 (200 4H EMA) holds. It is currently trading around 1.33966.
   
• WTI Crude oil hits fresh three week high after positive crude inventories. According to the authority, inventories fell by 4.4 million barrels compared to forecast of 2.4 million barrels.
   
• USD/CAD major short term resistance is around 1.3546 (200 4H MA) and any break above confirms minor bullishness, a jump till 1.3595 likely.
   
•  On the lower side, loonie has broken major support at 1.3410 low made on Apr 24th 2017 and this 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 1.3548 (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 1.3450 with SL around 1.3548 for the TP of 1.3410/1.3290.