USD/CAD faces strong trend line support at 1.3100, break below targets 1.3000
Major support – 1.3100 (trend line joining 1.2460 and 1.27638). USD/CAD touched major trend line support 1.3100 yesterday. It is expected to break trend line support after US Fed monetary policy. US Fed Monetary policy m…
Major support – 1.3100 (trend line joining 1.2460 and 1.27638).
USD/CAD touched major trend line support 1.3100 yesterday. It is expected to break trend line support after US Fed monetary policy.
US Fed Monetary policy meeting is to be held today and markets expect Fed to raise interest rates . The main focus will be on the projections for 2017 and Yellen’s statements .Any break below 1.3100 will drag the pair down till 1.3070 (200- day MA)/1.3000.
On the higher side, 1.3250 will be acting as major resistance and slight bullishness only above that level. The minor resistance is at 1.3190 (100- day MA).
It is good to sell below 1.31000 with SL around 1.3151 for the TP of 1.3000.
