USD/CAD trades higher on U.S trade war, jump till 1.3700 likely
The Canadian dollar fell to 4- month low after US slapped new anti-subsidy duties on Canadian softwood lumber imports.
The pair broken the major resistance of 1.35985 high made on Dec 28th 2016 and jumped till 1.36264 at the time of writing. The break above 1.3600 confirms that decline from 1.46889 and 1.2460 will come to an end, a jump till 1.370/1.3828 is possible.
On the lower side, major near term support is around 1.3400 and any break below will drag the pair down till 1.3300 (100- EMA)/1.3220 (Apr 13th 2017 low). The minor support is around 1.3480.
It is good to buy on dips around 1.3580 with SL around 1.3520 for the TP of 1.3710/1.3800
The pair broken the major resistance of 1.35985 high made on Dec 28th 2016 and jumped till 1.36264 at the time of writing. The break above 1.3600 confirms that decline from 1.46889 and 1.2460 will come to an end, a jump till 1.370/1.3828 is possible.
On the lower side, major near term support is around 1.3400 and any break below will drag the pair down till 1.3300 (100- EMA)/1.3220 (Apr 13th 2017 low). The minor support is around 1.3480.
It is good to buy on dips around 1.3580 with SL around 1.3520 for the TP of 1.3710/1.3800
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