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Short

USD/CAD:Sell on rallies

FX:USDCAD   U.S. Dollar/Canadian Dollar
210 0 11
Major Resistance- 1.3320 (trend line joining 1.32481 and 1.32809)

Major support – 1.3175 (10- day MA)

Loonie hits fresh Six months high on Friday at 1.33128 and started to decline from that level. The pair declined drastically till 1.31862 on Friday and at closing recovered sharply till 1.32959.

It is currently trading around 1.32595. Short term trend is weak as long as resistance 1.3320 holds. Any violation above 1.3320 will take the pair to next level till 1.3340/1.3400 in the short term.

The minor weakness can be seen below 1.31750 (10- day MA) and any break below targets 1.3130/1.3100.

It is good to sell on rallies around 1.3265 with SL around 1.3320 for the TP of 1.3175/1.3135.

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