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FxWirePro: Sell USDCAD on rallies

Major support- 13130

 

USDCAD continues to trade lower and lost more than 50 pips for the day. The easing US-China trade talks and positive Brexit news is supporting the Canadian dollar. DXY is trading weak and broken major support 97.85 and declined till 97.50 level. It hits an intraday low of 1.31586 and is currently trading around 1.31633.

 

On the flip side, near term support is around 1.3130 and any violation below targets 1.3090/1.3050/1.302. Any major bearishness only below 1.3000.

 

The near-term resistance is at 1.3240 and any convincing break above will take the USDCAD till 1.328-3300. Major trend reversal only above 1.3385.

 

It is good to sell on rallies around 1.3178-80 with SL around 1.3230 for the TP of 1.3070  

By Rangarajan Hariharan
  • Market Data
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