FxWirePro:USD/CAD forms shooting star in the daily chart, good to sell on rallies
Candlestick Pattern- Shooting star. Lonnie gained almost 279 pips in the previous week on account increasing probability of US Fed rate hike in Mar. BOC kept its interest rates unchanged at 0.5% on Mar 1st policy meeting…
Lonnie gained almost 279 pips in the previous week on account increasing probability of US Fed rate hike in Mar.
BOC kept its interest rates unchanged at 0.5% on Mar 1st policy meeting due to “significant uncertainties” and lack of clarity over Donald Trump economic agenda.
Policy divergence between U.S Fed and BOC has dragged the CAD further down in this week.
On the higher side, 1.34369 will be acting as major near term resistance and any break above will take the pair till 1.3500/1.3600.
The near term support is around 1.3330 (23.6%retracement of 1.30088 and 1.34369) and any break below targets 1.3270/1.3215 (100- day EMA).
It is good to sell on rallies around 1.3395-1.3400 with SL around 1.3500 for the TP of 1.3300/1.3275
