- USD/CAD breaks major resistance 1.3050 and jumped till 1.3096. It is currently trading at 1.30235.
- Overall bullish invalidation can happen below 1.2950. Any break below 1.2950 will target 1.2915/1.2838.
- Short term reversal below 1.2915.
- Loonie is trading weak due to lower oil prices, lower interest rates and lowering economic outlook.
- On the higher minor resistance is around 1.3100 and any break above would extend gains till 1.3287 (61.8% projection of 1.0620 to 1.2834 from 1.1919) /1.3400.
It is good to buy at dips around 1.3020-25 with SL around 1.2950 for the TP of 1.3280/1.3390.
The material has been provided by InstaForex Company – www.instaforex.com