FxWirePro: USD/CAD faces strong trend line support at 1.3150, good to buy at dips
Major support – 1.3150 (trend line joining 1.29267 and 1.30240) The pair has taken support near 90 H EMA and jumped from that level. It is currently trading around 1.31975. On the lower side support is at 1.3150 and any …
Major support – 1.3150 (trend line joining 1.29267 and 1.30240)
The pair has taken support near 90 H EMA and jumped from that level. It is currently trading around 1.31975.
On the lower side support is at 1.3150 and any violation below 1.3150 will drag the pair down till 1.3100/1.3065 (200 HMA ).
The minor resistance is at 1.32119 (61.8% retracement of 1.32440 and 1.31598) and any indicative break above will take the pair to the temporary top made at 1.32440/1.3295 (161.8% retracement of 1.32440 and 1.31598).
The pair should close above 200 day MA (1.3306) for an overall trend reversal.
It is good to buy at dips around 1.3190 with SL around 1.3150 for the TP of 1.3295
