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USD/CAD trades below major support at 1.3220, dip till 1.3070 likely

  • Major support- 1.3220 (trend line joining 1.28224 and 1.30060).
     
  • Loonie breaks major support around 1.3220 and declined slightly till 1.32080 at the time of writing. It is currently trading around 1.3220.
     
  • On the higher side, next immediate resistance is around 1.3260 (support turned into resistance) and any violation above will take the pair till 1.3310/1.3360.
     
  • Any close below 1.3220 will drag the pair down till 1.3150/1.3070 level.
     
  • Overall trend reversal only above 1.3590.

    It is good to sell on rallies around 1.3250 with SL around 1.3300 for the TP of 1.3150/1.3070
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