USDCAD Trade idea
Major resistance- 1.2947 (100- 4H MA)
Major support -1.2865 (61.8% retracement of 1.28224 and 1.29457)
Loonie has broken minor resistance at 1.2940 and slightly jumped till 1.29457 from that level. It is currently trading around 1.29424.
Short term trend is bullish as long as 1.2870 holds. On the lower side, any break below 1.2870 will drag the pair till 1.2820/1.2760 level.
Any break above 1.2947 will take the pair to 1.3009 (200- 4H MA)/1.3023 (61.8% retracement of 1.31470 and 1.28224)/1.3080.
It is good to buy above 1.2947 with SL around 1.2870 for the TP of 1.3008/1.30230
Resistance
R1- 1.29470
R2-1.3009
R3-1.3048
Support
S1-1.2870
S2-1.2820
S3-1.2760
