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USD/CAD – Eyeing trend line support, Gartley intact

FX:USDCAD   U.S. Dollar/Canadian Dollar
Resistance – 1.2888, 1.2987, 1.3037

Support – 1.2837, 1.2771, 1.2654

  • Pair’s failure to take out 100-DMA and turn lower from point C of the Gartley followed by a move back below 1.29 handle indicates the pair is on track to test rising trend line (red) support seen at 1.2776.
  • A break lower on the daily closing basis would open doors for a slide to point D of the bullish Gartley pattern. (also known as the potential reversal zone)
  • On the higher side, falling trend line stands as a major resistance, above which bears are likely to take the backseat.
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