USD/CAD downside capped by 23.6% fibo, good to buy at dips
Major resistance – 1.3360 .
Major support – 1.32620 (23.6% retracement of 1.28224 and 1.33974)
Loonie breaks major resistance 1.3360 and jumped till 1.33975 yesterday. It is currently trading around 1.33325.
The pair declined sharply from the temporary top formed at 1.33975. Loonie corrected till 1.2781 and started to jump from that level.
On the higher side, 1.3400 is acting as major resistance and any break above confirms major trend reversal, a jump till 1.3500 (161.8% retracement of 1.33137 and 1.30060)/1.3580 is possible.
The minor support stands at 1.3262 and any break below will drag the pair to next level till 1.3210 (7- day EMA)/1.3160 (200- day MA).
It is good to buy on dips around 1.3325-1.3330 with SL around 1.3262 for the TP of 1.34980.
Major support – 1.32620 (23.6% retracement of 1.28224 and 1.33974)
Loonie breaks major resistance 1.3360 and jumped till 1.33975 yesterday. It is currently trading around 1.33325.
The pair declined sharply from the temporary top formed at 1.33975. Loonie corrected till 1.2781 and started to jump from that level.
On the higher side, 1.3400 is acting as major resistance and any break above confirms major trend reversal, a jump till 1.3500 (161.8% retracement of 1.33137 and 1.30060)/1.3580 is possible.
The minor support stands at 1.3262 and any break below will drag the pair to next level till 1.3210 (7- day EMA)/1.3160 (200- day MA).
It is good to buy on dips around 1.3325-1.3330 with SL around 1.3262 for the TP of 1.34980.
