Major Support – 1.2920 (90 4H EMA) Loonie has slightly recovered after making a low of 1.29310. It is currently trading around 1.2949. Short term trend is bullish as long as resistance 1.31204 (Jun 27th 2016 high) holds.…
Loonie has slightly recovered after making a low of 1.29310. It is currently trading around 1.2949.
Short term trend is bullish as long as resistance 1.31204 (Jun 27th 2016 high) holds.
Any break above 1.3125 will take the pair to next level 1.31880/1.3220.the minor resistance is around 1.3000/1.3060.
On the lower side, major support is around 1.2920 and any violation below will take the pair till 1.2880 (21 day MA) /1.2830 (61.8% retracement of 1.26544 and 1.31204).
The Canadian dollar has been trading strongly against all other major’s on account of higher crude oil prices.
It is good to sell on rallies around 1.2975-1.2980 with SL of 1.3055 for the TP of 1.2925/1.2880/1.2830
