FxWirePro: USD/CAD approaching resistance level at 1.3040, buy deals are recommended above 1.2990

 

• USD/CAD is approaching resistance level at 1.3040, the support level at, 1.2990 (61.8% Retracement level) is set to hold and push the pair further upside towards 1.3040 and 1.3060  level in the short term.

• The currency is trading at 1.3019 levels, the immediate support can be seen at 1.2987. A break below this level will expose the pair to next support level at 1.2944 (July 23^rd lows).

• Major resistance can be found at 1.3039 (38.2% Retracement level), a break above this level will expose it to the 1.3070 handle.

Recommendation: Go long above 1.2990 with Targets at 1.3040, 1.3060  SL 1.2890.

Resistance Levels

R1: 1.3039 (38.2% Retracement level)

R2: 1.3072 (23.6% Retracement level)

 R3: 1.3100 (July 24^th high)

Support Levels

S1: 1.2987 (61.8% Retracement level of 1.2903 to 1.3125)                                              

S2: 1.2944 (July 23^rd lows)            

S3: 1.2917 (July 17^th Lows)