FxWirePro: USD/CAD faces strong resistance at 1.313, good to sell on rallies

• Pattern Formed- Double top
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• Loonie formed double top around 1.31300 and started to decline from that level. It is currently trading at 1.30462.
   
• On the downside, major support is around 1.3000 and any break below targets 1.2969 (90 4H EMA)/1.29280 (200 4H MA)/1.2870.
   
• The pair’s resistance is around 1.3085 (4 H Kijun-Sen) and any break above will take the loonie  to next immediate resistance at 1.3130/1.31880.
   
• Short term bearish invalidation only above 1.31880.

It is good to sell on rallies around 1.3045-1.3050 with SL around 1.3125 for the TP of 1.2967/1.2925