USD/CAD Trade idea

• Major Resistance- 1.3320 (trend line joining 1.32481 and 1.32809).
   
• Major support – 1.3175 (10- day MA).
   
• Loonie has taken support near trend line support at 1.3130 and started to jump from that level.  The pair jumped till 1.2725 on Monday and is currently trading at 1.32380.
   
• Short term trend is bullish as long as support 1.3130 holds. Any violation above 1.3280 will take the pair to next level till 1.3320/1.3400 in the short term.
   
• The minor weakness can be seen below 1.3170 (21- day MA) and any break below targets 1.3130/1.3100.

It is good to buy on dips around 1.3185-1.3190 with SL around 1.3130 for the TP of 1.3280/1.3320.

Resistance

R1-1.3280

 

R2-1.3320

 

R3-1.340

 

Support               

 

S1-1.3175

 

S2-1.3130

 

S3-1.3100