FxWirePro: Buy USD/CAD above 1.2360, up trend to continue further

• USD/CAD fell back from 1.2413 (June 29th high), and is trying to test resistance level at 1.2370 (23.6% Retracement Level ). The pair is set to reach 1.2450 level in the short term, As the US dollar is broadly stronger against CAD in the short term.

• The currency is trading at 1.2382 level, the immediate support can be seen at 1.2370. A break below this level will expose the pair to next support level at 1.2351.

• Major resistance can be found at 1.2440, A break above this level will exposes it to the 1.2500 handle.

Recommendation: Go long above 1.2365 with Targets at 1.2390, 1.2440 SL 1.2305.

Resistance Levels

R1: 1.2395

R2: 1.2424

R3: 1.2440(June 9th high)

Support Levels

S1: 1.2370 (23.6% Retracement Level)                                   

S2: 1.2351 (38.2% Retracement level)                    

S3: 1.2320