FxWirePro: USD/CAD downside capped by 23.6% fibo, good to buy on dips
Major resistance – 1.3545 (trend line joining 1.35885 and 1.35642) Major support – 1.3368 (23.6% retracement of 1.26544 and 1.35885) Loonie formed a temporary bottom around 1.33780 after jumping till 1.35885. The pair re…
Major resistance – 1.3545 (trend line joining 1.35885 and 1.35642)
Major support – 1.3368 (23.6% retracement of 1.26544 and 1.35885)
Loonie formed a temporary bottom around 1.33780 after jumping till 1.35885. The pair recovered sharply from the low of 1.3378 till 1.35220 at the time of writing. It is currently trading around 1.35070.
On the lower side, immediate support is around 1.3480 (10- day MA) and any break below will drag the pair down till 1.3420/1.3368. Any close below 1.3400 confirms minor trend reversal .
The trend line joining 1.35885 and 1.35642 (1.3545) will be acting as near term resistance and any violation above will take the pair to temporary top formed at 1.3590/1.3660/1.3718 (161.8% retracement of 1.35885 and 1.3378).
It is good to buy on dips around 1.35000 with SL around 1.3430 for the TP of 1.3590/1.3718
