Major resistance- 1.34330 (Oct 28th 2016 high) Major support - 1.3345 (9- day EMA)| Loonie has once again retreated after jumping till 1.3425 yesterday. The pair formed a temporary top around 1.34330 and declined sharply…
Loonie has once again retreated after jumping till 1.3425 yesterday. The pair formed a temporary top around 1.34330 and declined sharply from that level. It is currently trading around 1.3385.
Short term trend is still bullish as long as support 1.3345 (9- day EMA) holds. Any break below 1.3345 will drag the pair down till 1.3260/1.3200.
On the higher side, any violation above temporary top will take the pair to next immediate resistance at 1.3483 (161.8% retracement of 1.3433 and 1.33532)/1.35000.
It is good to buy on dips around 1.3360-65 with SL around 1.3320 for the TP of 1.34330/1.3480.
