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Long

USD/CAD: 161.8% extension and RSI divergence

FX:USDCAD   U.S. Dollar/Canadian Dollar
195 0 7
Major support -1.2760 (161.8% retracement of 1.29107 and 1.3140)

USD/CAD             has broken major psychological support 1.2800 and declined from that level. It is currently trading at 1.27738.

Short term trend is slightly bullish as long as support 1.2678 (90 W EMA) holds.

On the lower side any break below 1.2760 will drag the pair down till 1.2720/1.2678 in the short term.

Loonie minor resistance is around 1.2800 and break above will take the pair till 1.2840/1.2880/1.2956.

Overall bearish invalidation only above 1.3200 level.

RSI- Bullish Divergence

It is good to buy at dips around 1.2760 with SL around 1.2678 for the TP of 1.2850/1.2880
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