FxWirePro:USD/CAD takes support near trend liNe support, good to buy on dips
Major support – 1.3150 (channel support and trend line joining 1.2764 and 1.30819). Major resistance – 1.3260 (100- day EMA). Loonie declined sharply from the temporary top of 1.35984 and is currently trading around 1.32…
Major support – 1.3150 (channel support and trend line joining 1.2764 and 1.30819).
Major resistance – 1.3260 (100- day EMA).
Loonie declined sharply from the temporary top of 1.35984 and is currently trading around 1.32582.
The pair has taken trend line support around 1.31800 and started to jump from that level. Any weakness can be seen only below 1.3150 level. Any violation below the trend line support will drag the pair down till 1.3090/1.3000.
On the higher side, 100 – day EMA will be acting as major resistance and any break above will take the pair to next level till 1.3300 (89- day EMA)/1.3384 (30- day EMA).
It is good to buy on dips around 1.3245-50 with SL around 1.31800 for the TP of 1.3385/1.3400
