USD/CAD Trade idea

• Major resistance- 1.34000
   
• USD/CAD has jumped after making a low of 1.3361 yesterday. It is currently trading around 1.33536.


• Loonie upside is capped by 1.4000 on account of US elections. The pair jumped till 1.3391 at the time of writing and started to show a decline from that level.
   
• Short term trend is slightly weak as long as resistance 1.4000 holds.
   
• Any violation above 1.4000 will take the pair to next level till 1.34175/1.3465 (Nov 4th 2016 high).


• On the lower side, 1.3278 will be acting as major support and any violation below confirms minor trend reversal, a decline till 1.3235 (daily Kijun-Sen)/1.3200 (55- day EMA) .
  
  It is good to sell on rallies around 1.3385-1.3390 with SL around 1.3465 for the TP of 1.3278/1.3200

Resistance

R1-1.34000

R2-1.34650

R3-1.3500

Support               

S1-1.3350

S2- 1.3278                                                                             

S3- 1.3200