FxWirePro: USD/CAD breaks major support 1.322, decline till 1.2968 likely
Canadian dollar continued to strengthen against U.S dollar after hawkish comment from BOC Deputy Governor. Loonie declined sharply and has broken major support 1.3220. It is currently trading around 1.32246. Canadian dol…
Canadian dollar continued to strengthen against U.S dollar after hawkish comment from BOC Deputy Governor. Loonie declined sharply and has broken major support 1.3220. It is currently trading around 1.32246.
Canadian dollar hits four month high against U.S dollar after hawkish tone from Deputy Governor C.Willkins. BOC is encouraged by a broadening of economic strength and more than 70% of Canadian industries are expanding. The hawkish tone of BOC confirms rate hike earlier than expected in Q3 2017 (instead of Q1 2018).
USD/CAD broken the major support 1.3220 and any break below confirms the top formed at 1.37935 and a decline till 1.2968 (Jan 31st 2017 low) likely.
On the higher side, near major resistance is around 1.3325 (200- day MA) and any break above confirms minor bullishness and a jump till 1.3380/1.3480/1.3570 is likely.
It is good to sell on rallies around 1.3300 with SL around 1.3380 for the TP of 1.3220/1.3000/1.2968.
