USD/CAD Trade Idea

• Major resistance- 1.2920 (daily Kijun-Sen and support turned into resistance )
   
• Loonie has jumped till 1.28773 today morning and is currently trading around 1.28707. It is facing resistance around 1.2905 and slight bullishness can be seen above that level.
   
• Any indicative break above 1.2920 will take the pair to next immediate level till 1.2958 (21 day MA)/1.3000/1.3045 level.
   
• On the lower major support is around 1.2830 and any indicative break below that level will drag the pair down till 1.2770/1.2739 in the short term.
   
• Markets are expected to trade quiet today on account of US FOMC monetary policy meeting.

It is good to sell on rallies around 1.2865 with SL around 1.2920 for the TP of 1.2770/1.2735.

R1-1.2880

 R2-1.2920

R3-1.2960

Support

S1-1.2830

S2-1.2770

S3-1.2735