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Short

USD/CAD faces strong resistance at 1.407,good to sell on rallies

FX:USDCAD   U.S. Dollar / Canadian Dollar
294 0 4
Major resistance -1.4070 ( trend line joining 1.4174 and 1.4108)

Loonie recovered after making a low of 1.39040. It is currently trading around 1.40320.

Short term trend is still weak as long as resistance 1.4070 holds. Any break above 1.4070 will drag the pair to next level 1.4100/1.4150 level.

On the lower side major support is around 1.3985 and break below targets 1.3960/1.3900/1.3880.

It is good to sell on rallies around 1.4010-15 with SL around 1.4080 for the TP of 1.3960/1.3905
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