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- Major Resistance- 0.8870 (trend line joining 0.90205 and 0.8905)
- The pair has taken support near 0.8780 and jumped from that level. It is currently trading around 0.88292.
- CAD slightly declined against all major pairs due to oil uncertainty. Oil prices retraced yesterday ahead of Doha oil output summit on Apr 17th 2016.
- Short term trend is slightly weak as long as resistance 0.8905 holds.
- The pair’s minor resistance is around 0.887 and any break above 0.8870 will take the pair to next level 0.8905/0.8925/0.8970
- On the lower side major support is around 0.8750 (Mar 23rd low) and break below targets confirms minor trend reversal a decline till 0.8700/0.8670 is possible.
It is good to sell on rallies around 0.8860-65 with SL around 0.8905 for the TP of 0.8750/0.8670.
