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USD/CAD Trade idea

  • Major support -1.2500
     
  • Major resistance - 1.2600 (7 day EMA)
     
  • USD/CAD has broken major support 1.2500 and trades well below that level. It is currently trading at 1.2485.
     
  • Short term trend is weak as long as resistance 1.2600 holds. Any indicative break above 1.2600 will take the pair to next level till 1.2680/1.2750/1.2800.
     
  • Overall bearish invalidation only above 1.2800.
     
  • On the lower side any break below 1.2500 will drag the pair down till 1.2400/1.2300/1.2240.

It is good to sell on rallies around 1.2600 with SL around 1.2660 for the TP of 1.2300/1.2240

R1-1.2600

 R2-1.2680

R3-1.2750

Support

S1-1.2460

S2-1.2300

S3-1.2240

 

 

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