USD/CAD trades below 1.3100 level, decline till 1.3000 likely
Loonie has trimmed its gain yesterday after weaker US economic data and higher oil prices. The pair declined sharply after showing a jump till 1.31619. USD/CAD breaks major support 1.31000 and declined till 1.30811 at th…
Loonie has trimmed its gain yesterday after weaker US economic data and higher oil prices. The pair declined sharply after showing a jump till 1.31619.
USD/CAD breaks major support 1.31000 and declined till 1.30811 at the time of writing.
Short term trend is weak as long as resistance 1.31830 (200- day MA) holds. Any short term bullishness only above 1.3185. Any violation above that level will take the pair to next level till 1.32235/1.3280/1.3320.Overall trend reversal only above 1.3320.
On the lower side, 1.30680 will be acting as next immediate support and any break below targets 1.30380 (50% retracement of 1.27630 and 1.33127)/1.3000.
It is good to sell on rallies around 1.3105-1.3110 with SL around 1.3165 for the TP of 1.3000
