FxWirePro: USD/CAD faces strong resistance around 1.3590, good to buy on dips
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 leve…
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
