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USD/CAD Trade Idea

  • Major resistance- 1.3260 (Jul 27th high).
     
  • Major support – 1.3000
     
  • Loonie has made a temporary bottom around 1.3000 and started to increase sharply from that level .It is currently trading around 1.31985.
     
  • Short term trend is bullish as long as support 1.3147 (10- day MA) holds.
     
  • On the higher side , the resistance is around 1.3260 and any violation above the top formed at Jul 27th 2016 will take the pair to next immediate level till 1.3300/1.3360 level.
     
  • Any break below 10 –day MA will drag the pair till 1.3100/1.3067 (21- day MA).
     
  • Overall bullish invalidation only below 1.300.

It is good to buy on dips around 1.3165 with SL around 1.3100 for the TP of  1.3255/1.3300.

Resistance 

R1-1.3260

 R2-1.330

 R3-1.3360

Support    

S1-1.3165

S2-1.3100

S3-1.3067

 

 

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