USD/CAD trades below 1.3100 level, decline till 1.3000 likely
Loonie has trimmed its gain yesterday after weaker US economic data and higher oil prices. The pair declined sharply after showing a jump till 1.31619.
USD/CAD breaks major support 1.31000 and declined till 1.30811 at the time of writing.
Short term trend is weak as long as resistance 1.31830 (200- day MA) holds. Any short term bullishness only above 1.3185. Any violation above that level will take the pair to next level till 1.32235/1.3280/1.3320.Overall trend reversal only above 1.3320.
On the lower side, 1.30680 will be acting as next immediate support and any break below targets 1.30380 (50% retracement of 1.27630 and 1.33127)/1.3000.
It is good to sell on rallies around 1.3105-1.3110 with SL around 1.3165 for the TP of 1.3000
USD/CAD breaks major support 1.31000 and declined till 1.30811 at the time of writing.
Short term trend is weak as long as resistance 1.31830 (200- day MA) holds. Any short term bullishness only above 1.3185. Any violation above that level will take the pair to next level till 1.32235/1.3280/1.3320.Overall trend reversal only above 1.3320.
On the lower side, 1.30680 will be acting as next immediate support and any break below targets 1.30380 (50% retracement of 1.27630 and 1.33127)/1.3000.
It is good to sell on rallies around 1.3105-1.3110 with SL around 1.3165 for the TP of 1.3000
