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Short

USD/CAD upside capped below 1.34000, good to sell on rallies

FX:USDCAD   U.S. Dollar/Canadian Dollar
231 0 7
Major resistance- 1.4000

USD/CAD             has jumped after making a low of 1.3361 yesterday. It is currently trading around 1.33536.

Loonie upside is capped by 1.4000 on account of US elections. The pair jumped till 1.3391 at the time of writing and started to show a decline from that level.

Short term trend is slightly weak as long as resistance 1.4000 holds.

Any violation above 1.4000 will take the pair to next level till 1.34175/1.3465 (Nov 4th 2016 high).

On the lower side, 1.3278 will be acting as major support and any violation below confirms minor trend reversal, a decline till 1.3235 (daily Kijun-Sen)/1.3200 (55- day EMA) .

It is good to sell on rallies around 1.3385-1.3390 with SL around 1.3465 for the TP of 1.3278/1.3200

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