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- Major support – 1.2934 (trend line joining 1.29649 and 1.29475)
- Major intraday resistance- 1.2985 (Jul 7th 2016 high at the time of writing)
- USD/CAD has retreated after making a high of 1.29840 level. It is currently trading around 1.29301.
- Loonie has broken the major trend line support at 1.2934 just now and declined till 1.29230 at the time of writing.
- Any break below 1.2934 confirms minor trend reversal, a decline till 1.2860/1.2835 is possible.
- On the higher side any break above 1.2985 targets 1.3045/1.3095.
Indicators:
ADX- Trending up
CCI(50) – Sell
It is good to sell on rallies around 1.2935-1.2938 with SL around 1.2985 for the TP of 1.2865/1.2835
