USD/CAD breaks major resistance at 1.36475, targets 1.370/1.3838
The Canadian dollar lowered on Thursday after touching the high of 1.35296 yesterday against US dollar after White house said that Trump will not terminate the participation in NAFTA immediately.
The pair recovered sharply and has broken the top formed at 1.36475 and hits 1.3702 level yesterday. Break of 1.3647 confirms that decline from 1.46889 and 1.2460 will come to an end, a jump till 1.370/1.3838 (61.8% retracement of 1.4689 and 1.2460) is possible.
Short term trend is still bullish as long as support 1.3410 holds.
On the lower side, major near term support is around 1.3410 and any break below will drag the pair down till 1.3310 (100- EMA)/1.3220 (Apr 13th 2017 low). The minor support is around 1.3480.
It is good to buy on dips around 1.3635 with SL around 1.35900 for the TP of 1.3710/1.3838.
The pair recovered sharply and has broken the top formed at 1.36475 and hits 1.3702 level yesterday. Break of 1.3647 confirms that decline from 1.46889 and 1.2460 will come to an end, a jump till 1.370/1.3838 (61.8% retracement of 1.4689 and 1.2460) is possible.
Short term trend is still bullish as long as support 1.3410 holds.
On the lower side, major near term support is around 1.3410 and any break below will drag the pair down till 1.3310 (100- EMA)/1.3220 (Apr 13th 2017 low). The minor support is around 1.3480.
It is good to buy on dips around 1.3635 with SL around 1.35900 for the TP of 1.3710/1.3838.
