FxWirePro: Buy USD/CAD above 1.2350 ,up trend to continue further

• USD/CAD bounced back from 1.2308 (June 25th lows), to break the resistance level at 1.2350 (23.6% Retracement Level ).Currently the pair is trading at 1.2351 level, the pair is set to reach 1.2400 psychological level in the short term, As the US dollar is broadly stronger against CAD in the short term.

• The currency is trading at 1.2333 level, the immediate support can be seen at 1.2335. A break below this level will expose the pair to next support level at 1.2308.

• Major resistance can be found at 1.2394 a break above this level will exposes it to the 1.2440 handle.

Recommendation: Go long above 1.2335 with Targets at 1.2360, 1.2400 SL 1.2190.

Resistance Levels

R1: 1.2361 (23.6% Retracement Level )

R2: 1.2394

R3: 1.2420

Support Levels

S1: 1.2335                                           

S2: 1.2308 (38.2% Retracement level of 1.2125 to 1.2422)                              

S3: 1.2273