USD/CAD stuck inside a descending channel, sell on rallies
In this pair, the price is stuck inside a descending channel between 1.3180 to 1.2936. Bias remains bearish as long as the market is trading in a descending channel.
Technical indicators are bearish for this pair, as price is trading below Ichimoko bottom and RSI is pointing towards lower side at 27.
Major resistance can be seen at the at 1.3098. A sustained break above this level cold sees the market move to 1.3185 levels.
Strong support is expected at the 1.2932 lower descending channel. Break below this barrier could see prices fall towards 1.2862.
Short: @ 1.3050 TP1-1.2900 1.2850 SL 1.3120
Technical indicators are bearish for this pair, as price is trading below Ichimoko bottom and RSI is pointing towards lower side at 27.
Major resistance can be seen at the at 1.3098. A sustained break above this level cold sees the market move to 1.3185 levels.
Strong support is expected at the 1.2932 lower descending channel. Break below this barrier could see prices fall towards 1.2862.
Short: @ 1.3050 TP1-1.2900 1.2850 SL 1.3120