FxWirePro: USD/CAD Trade Idea

• Major resistance – 1.3590 (Nov 14th 2016 high).
   
• Loonie jumped from the low of 1.3472 made yesterday. It is currently trading around 1.35771.
   
• The pair has taken support near 21- 4H EMA and recovered sharply from that level. Minor trend reversal can happen only below 21- 4H EMA. Any break below 21- 4H EMA will drag the pair down till 1.3439 (55- 4H EMA)/1.3395 (100- 4H EMA).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.
  
  It is good to buy on dips around 1.3545-3550 with SL around 1.3470 for the TP of 1.3590/1.3645

Resistance                                              R1-1.3590

R2-1.3655

R3- 1.3750

Support      

S1-1.3470

S2-1.3430

S3- 1.3395