FxWirePro: USD/CAD declined as NAFTA stays, good to buy on dips
The Canadian dollar recovered sharply after making a low of 1.36475 against US dollar after White house said that Trump will not terminate the participation in NAFTA immediately. The pair declined till 1.352974 and recov…
The Canadian dollar recovered sharply after making a low of 1.36475 against US dollar after White house said that Trump will not terminate the participation in NAFTA immediately.
The pair declined till 1.352974 and recovered sharply from that level. Short term trend is still bullish as long as support 1.3410 holds. Break of 1.3647 confirms that decline from 1.46889 and 1.2460 will come to an end, a jump till 1.370/1.3838 (61.8% retracement of 1.4689 and 1.2460) is possible.
On the lower side, major near term support is around 1.3410 and any break below will drag the pair down till 1.3310 (100- EMA)/1.3220 (Apr 13th 2017 low). The minor support is around 1.3480.
It is good to buy on dips around 1.3550 with SL around 1.3480 for the TP of 1.3600/1.3710
