USD/CAD takes support at 10- day MA, good to buy on dips
Major resistance- 1.3280 (Sep 27th high)
Major support – 1.3160 (10- day MA)
Loonie has once again taken support near 10- day MA and started to increase sharply from that level .It is currently trading around 1.32282.
Short term trend is bullish as long as support 1.3160 (10- day MA) holds.
On the higher side , the resistance is around 1.3230 (200- day MA) and any violation above that level will take the pair to next level till 1.32805 high made on yesterday. Any violation above 1.3280 will take the pair to next immediate level till 1.3360/1.34110 level.
Any break below 10 –day MA will drag the pair till 1.3100/1.3067 (21- day MA).
Overall bullish invalidation only below 1.300.
It is good to buy on dips around 1.3220 with SL around 1.3160 for the TP of 1.3300/1.3360
Major support – 1.3160 (10- day MA)
Loonie has once again taken support near 10- day MA and started to increase sharply from that level .It is currently trading around 1.32282.
Short term trend is bullish as long as support 1.3160 (10- day MA) holds.
On the higher side , the resistance is around 1.3230 (200- day MA) and any violation above that level will take the pair to next level till 1.32805 high made on yesterday. Any violation above 1.3280 will take the pair to next immediate level till 1.3360/1.34110 level.
Any break below 10 –day MA will drag the pair till 1.3100/1.3067 (21- day MA).
Overall bullish invalidation only below 1.300.
It is good to buy on dips around 1.3220 with SL around 1.3160 for the TP of 1.3300/1.3360