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FxWirePro: USDCAD forms double top around 1.3350, good to sell on rallies

Chart pattern- Double top

 

Major resistance- 1.3350

 

USDCAD is trading lower for 2nd consecutive day and lost nearly 80 pips from high of 1.33392. The decline was mainly due to a slight recovery in crude oil prices. WTI crude oil has formed bottom around $50.50 and jumped nearly $7 on easing the US-China trade war and stimulus by major central banks will improve the oil demand. It hits a low of 1.32509 and is currently trading around 1.32782.

 

On the flip side near term, support is around 1.3230 and any violatio0n below will drag the [air to next level till 1.3180. Any major weakness only below 1.3180 and break below targets 1.3140/1.3090.

 

The pair is facing first resistance at 1.3300 and major trend reversal only above 1.3350. Any break above will take the pair to next level till 1.3380/1.3435.

 

It is good to sell on rallies around 1.3280-825 with SL around 1.3340 for the TP of 1.3180.  

By Rangarajan Hariharan
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