FxWirePro: USD/CAD approaching resistance at 1.2771, buy deals are recommended above 1.2740

 

• USD/CAD is approaching to test resistance level at 1.2771, the support level at 1.2722 is set to hold and push the pair further upside towards 1.2820 and 1.2880 level later.

• The currency is trading at 1.2771 level, the immediate support can be seen at S1: 1.2722. A break below this level will expose the pair to next support level at 1.2682.

• Major resistance can be found at 1.2820 (38.2% Retracement level), a break above this level will expose it to the 1.2880 handle.

Recommendation: Go long above 1.2720 with Targets at 1.2830, 1.2860 SL 1.2610.

Resistance Levels

R1: 1.2771

R2: 1.2820 (38.2% Retracement level)

 R3: 1.2880 (23.8% Retracement level)

Support Levels

S1: 1.2722(61.8% Retracement level)                                                     

S2: 1.2682           

S3: 1.2661