Major resistance – 1.3590 (Nov 14th 2016 high) Loonie declined sharply after making a temporary top around 1.35982. It is currently trading around 1.34340. The downside is capped by 38.2% fibo and any further weakness ca…
Loonie declined sharply after making a temporary top around 1.35982. It is currently trading around 1.34340.
The downside is capped by 38.2% fibo and any further weakness can be seen only below that level. Any break below 1.34000 will drag the pair down till 1.3350 (55- day EMA)/1.32780 (61.8% retracement of 1.30800 and 1.35982).Short term weakness only below 1.3300 level.
On the higher side, major resistance is around 1.3590 and any indicative break above 1.3590 will take the pair to next level till 1.3650/1.3705/1.3755.The minor resistance is around 1.3450 and any break above targets 1.3500/1.3560.
It is good to sell on rallies around 1.3395-1.3400 with SL around 1.3450 for the TP of 1.3350/1.32780
