FxWirePro: USD/CAD approaching resistance level at 1.3041, buy deals are recommended above 1.3000

 

 

• USD/CAD is approaching resistance level at 1.3041, the support level at, 1.2990 (61.8% Retracement level) is set to hold the bears and push the pair further upside towards 1.3050 and 1.3050  level in the short term.

• The currency is trading at 1.3013 levels, the immediate support can be seen at 1.2990, break below this level will expose the pair to next support level at 1. 1.2978 (July 27^th lows).

• Major resistance can be seen at 1.3072 (23.6% Retracement level), a break above this level will expose it to the 1.3100 handle.

 

Recommendation: Go long above 1.3000 with Targets at 1.3050, 1.3100 SL 1.2920.

Resistance Levels

R1: 1.3041 (38.2% Retracement level)

R2: 1.3072 (23.6% Retracement level)

 R3: 1.3100 (July 24^th high)

Support Levels

S1: 1.2990 (61.8% Retracement level)                                    

S2: 1.2978 (July 27^th lows)            

S3: 1.2915 (July 21^st Lows)