USD/CAD Trade Idea

• Major support – 1.3150 (trend line joining 1.24607 and 1.27638).
   
• Major resistance -1.31900
   
• Loonie has broken major trend line support at 1.31500 and closed well below that level in weekly chart. It is currently trading around 1.30520.


• On the lower side major support stands at 1.3000 and any break below will drag the pair down till 1.2950 (89 – W EMA)/1.2820Sep 2016 low).
   
• The major resistance is around 1.3200 and any violation above targets 1.3250/1.3300 level. Overall trend reversal only above 1.3590 level.
  
  It is good to sell on rallies around 1.3055-1.3060 with SL around 1.3150 for the TP of 1.2955/1.2830

Resistance                                                                            

R1-1.3080

R2-1.31500

R3- 1.3200

Support      

S1-1.3000

S2-1.2955

S3- 1.2820