USD/CAD Trade idea

• Major resistance – 1.3360
   
• Major support – 1.32620
  (23.6% retracement of 1.28224 and 1.33974)
   
• Loonie breaks major resistance 1.3360 and jumped till 1.33975 yesterday. It is currently trading around 1.33325.
   
• The pair declined sharply from the temporary top formed at 1.33975. Loonie corrected till 1.2781 and started to jump from that level.
   
• On the higher side, 1.3400 is acting as major resistance and any break above confirms major trend reversal, a jump till 1.3500 (161.8% retracement of 1.33137 and 1.30060)/1.3580 is possible.
   
• The minor support stands at 1.3262 and any break below will drag the pair to next level till 1.3210 (7- day EMA)/1.3160 (200- day MA).

It is good to buy on dips around 1.3325-1.3330 with SL around 1.3262 for the TP of 1.34980.

Resistance

R1-1.3360

 

R2-1.3400

 

R3-1.3500

 

Support               

 

S1-1.3260

 

S2-1.3210

 

S3- 1.3160