FxWirePro: Loonie forms Bullish Cypher pattern, good to sell on raliies
Harmonic Pattern Formed -Bullish Cypher pattern Potential reversal Zone (PRZ) - 1.34350 The pair has retreated after making a high of 1.3435 and is currently trading at 1.3349. Canadian dollar has slightly recovered afte…
The pair has retreated after making a high of 1.3435 and is currently trading at 1.3349. Canadian dollar has slightly recovered after Saudi Arabia has pledged to stabilise crude oil prices.
The focus will on Upcoming OPEC meeting which is to be held on Dec 4th and the hope that some production cuts will be forthcoming.
On the lower side minor support is around 1.3340 and break below targets 1.3315/1.3290./1.3245.
The pair's major support is around 1.3220 and below that level decline till 1.3160/1.3100 is possible.
The short term resistance is around 1.3380 and above that jump till 1.3435/1.3460
It is good to Sell on rallies around 1.3365-70 with SL around 1.3435 for the TP of 1.3320/1.3160
