FxWirePro: USD/CAD approaching resistance at 1.2763, buy deals are recommended above 1.2720

 

• USD/CAD is approaching to test resistance level at 1.2763, the support level at 1.2722 is set to hold and push the pair further upside towards 1.2760 and 1.2780 level later.

• The currency is trading at 1.2771 level, the immediate support can be seen at 1.2722. A break below this level will expose the pair to next support level at 1.2692.

• Major resistance is seen at 1.2789 (23.6% Retracement level), a break above this level will expose it to the 1.2830 handle.

Recommendation: Go long above 1.2720 with Targets at 1.2760, 1.2780 SL 1.2610.

Resistance Levels

R1: 1.2763 (38.2% Retracement level)

R2: 1.2789 (23.6% Retracement level of 1.2652 to 1.2830)

R3: 1.2802

Support Levels

S1: 1.2741                                           

S2: 1.2721(61.8% Retracement level)     

S3: 1.2692