USD/CAD trade Idea

• Loonie has raised above Friday high of 1.29572 and declined from that level yesterday . Overall yesterday trend was very weak on account of better than expected existing home sales data of Canada and stronger crude oil prices.
   
• Sales of existing home sales rose 3.1 pct in Apr from Mar highest level ever.US oil prices hits new 2016 high on account of Nigeria oil disruption.
   
• Loonie has taken support near 200 4H MA and recovered from that level. On the lower side major support is around 1.2830 and any break below will drag the pair down till 1.2775/1.2754 (21 day MA).
   
• USD/CAD major intraday resistance around 1.2945 and any break above will take the pair till 1.29623 (yesterday high)/1.3005 (55 day H EMA).The pair should close above 1.3000 for further up move.

It is good to sell on rallies around 1.2950 with SL around 1.3010 for the TP of 1.28000/1.2755.

R1-1.2960

 R2-1.3005

R3-1.30650

Support

S1-1.2830

S2-1.2775

S3- 1.2750