FxWirePro: USD/CAD approaching resistance level at 1.2996, buy deals are recommended above 1.2960

 

• USD/CAD is approaching to test resistance level at 1.2996, the support level at, 1.2960 (61.8% Retracement level) is set to hold and push the pair further upside towards 1.3020 and 1.3050  level in the short term.

• The currency is trading at 1.2987 levels, the immediate support can be seen at 1.2978. A break below this level will expose the pair to next support level at 1.2960 (61.8% Retracement level).

• Major resistance can be found at 1.3019 (23.6% Retracement level), a break above this level will expose it to the 1.3050 handle.

Recommendation: Go long above 1.2960 with Targets at 1.3020, 1.3060 SL 1.2890.

Resistance Levels

R1: 1.2996 (38.2% Retracement level)

R2: 1.3019 (23.6% Retracement level)

 R3: 1.3056

Support Levels

S1: 1.2978 (July 21^st low )                                             

S2: 1.2960(61.8% Retracement level)     

S3: 1.2936