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USD/CAD Trade Idea

USD/CAD has been trading in the range of 1.3195 -1.3023 for the past five trading session. 

  • Loonie has broken major trend line resistance 1.3200 and this confirms short term bullishness, a jump till 1.3370 (161.8% retracement of 1.3212 and 1.2950) cannot be ruled out. 
  • On the lower side minor support is around 1.3150 and break below targets 1.3100/1.3050. 
  • Major trend reversal only below 1.3050 break below confirms bearishness and decline till 1.2950 is possible. 

It is good to buy at dips around 1.3215-18 with SL around 1.3170 for the TP of 1.3310/1.3374 

Resistance

R1- 1.3250

R2-1.3300

R3- 1.3374

Support

S1-1.3150

S2-1.3050

S3-1.2950

 

 

  • Market Data
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