USD/CAD may get to another support

USD/CAD may get to another support

Trade ideas

SELL 1.3150; TP 1.3120; SL 1.3165

BUY 1.3205; TP 1.3240; SL 1.3190

Last week USD/CAD was rejected on the upside: the pair failed to settle above 1.3350. Instead, it turned down breaking below the 50-week MA and all the 200-, 100- and 50-day Moving Averages on the D1. As a result, the pair ended the week below the range within which it was consolidating in August. The CAD is supported by the stabilization in oil prices and can appreciate more pulling the pair further down. The decline below the 61.8% Fibo level of the July-September advance at 1.3155 will lead USD/CAD down to 1.3120/00. Notice, however, that the level of 1.3120 represents important support: here’s the 200-week MA and the 50-month MA. On the upside, the return above 1.3190 is needed to open the way to 1.3240.

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