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USD/CAD Trade idea

Monday, August 29, 2016 11:47 AM UTC

Major resistance- 1.3020 (200- 4H MA).
Major support -1.2927 (daily Kijun-Sen).
Loonie spiked sharply from the low of 1.28300 made on Friday. It is currently trading around 1.30082.
The pair jumped after Fed chairman Janet Yellen said that there is a possibility of a rate hike this year.
The major resistance is around 200-day MA and any violation above targets 1.3080/1.31475/1.3190 in the short term.
On the lower side, any break below 1.2950 (90 day EMA) will drag the pair down till 1.2927/1.2860 (61.8% retracement of 1.2765 and 1.30244).

It is good to buy above 1.3020 with SL around 1.2980 for the TP of 1.3080/1.31475

Resistance

R1- 1.3020

R2-1.3080

R3-1.3145

Support

S1-1.2950

S2-1.2927

S3-1.2865

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USD/CAD Trade idea

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