- 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
