FxWirePro: USD/CAD trades higher, good to buy on dips

• Major resistance – 1.32809.
   
• Major support -1.3160 (55- day EMA).
   
• Lonnie has recovered sharply after making temporary bottom at 1.31609 and breaks major resistance 1.32809. It is currently trading around 1.32945.
   
• It has broken major resistance around 1.32809 and jumped till 1.32964 at the time of writing.
   
• Loonie‘s next immediate resistance is around 1.3300 and any break above targets 1.3400 (161.8% retracement of 1.3248 and 1.3000) in the short term.
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• USD is trading higher against all major pairs on account of increasing the chance of rate hike on Dec 2016.
   
• On the lower side, any break below 1.3219 (daily Tenkan-Sen) and any break below targets 1.3160/1.3100.

It is good to buy on dips around 1.3250 with SL around 1.3200 for the TP of 1.3300/1.3400.