- Harmonic pattern formed – Bearish AB=CD pattern.
- Potential reversal Zone (PRZ) -1.35390.
- USD/CAD formed a min or bottom around 1.3387 and shown a minor jump from that level. The pair formed a potential bearish AB=CD pattern and is expected to get completed at 1.35390 level. Short-term trend is slightly bullish as long as resistance 1.3560 (200 4H EMA) holds. It is currently trading around 1.34687.
- WTI Crude oil shown a minor jump above $50 and shown a decline from that level. 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 1.3560 (200 4H MA) and any break above confirms minor bullishness, a jump till 1.3595/1.3640 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.
It is good to sell on rallies around 1.3530-1.3535 with SL around 1.3565 for the TP of 1.3410/1.3290.
Resistance
R1-1.3540
R2 -1.3595
R3- 1.3640
Support
S1-1.3410
S2-1.3380
S3-1.3220
