FxWirePro: CAD/CHF gains on BOC accommodative monetary policy and higher oil prices, good to buy at dips
Thursday, March 10, 2016 6:24 AM UTC
- Candle Stick pattern- Shooting Star
- Major resistance - 0.7550 (trend line joining 0.74615 and 0.75163)
- Major support - 0.74350 (trend line joining 0.71350 and 0.73922)
- Canadian dollar gained against all major pair's yesterday after BOC kept the interest rates on hold and also due to higher oil prices.
- The pair has made a high of 0.75390 and slightly retreated from that level. It is currently trading around 0.7517.
- Any break above 0.7550 confirms major trend reversal a jump till 0.76180/0.7740 is possible.
- On the lower side any break below 0.7435 will drag the pair down till 0.7350/0.7300.
It is good to buy at dips around 0.7460 with SL around 0.7410 for the TP of 0.7618/0.7740
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