FxWirePro: USD/CAD faces strong support at 200- day MA, good to buy on dips
Major Resistance- 1.3320 (trend line joining 1.32481 and 1.32809). Major support – 1.3198 (200- day MA). Loonie has taken support near 200 –day MA and started to jump from that level. The pair jumped till 1.32950 from th…
Major Resistance- 1.3320 (trend line joining 1.32481 and 1.32809).
Major support – 1.3198 (200- day MA).
Loonie has taken support near 200 –day MA and started to jump from that level. The pair jumped till 1.32950 from the low of 1.3208 and is currently trading at 1.32868.
Short term trend is bullish as long as support 1.3130 holds. Any violation above 1.3280 will take the pair to next level till 1.3320/1.3400 in the short term.
The minor weakness can be seen below 1.3198 (200- day MA) and any break below targets 1.3130/1.3100.
It is good to buy on dips around 1.3265-70 with SL around 1.3198 for the TP of 1.3320/1.3400.
