FxWirePro: USD/CAD approaching resistance level at 1.3062, buy deals are recommended above 1.3000

 

• USD/CAD is approaching to test resistance level at 1.3004, the support level at, 1.3004  is set to hold and push the pair further upside towards 1.3060 and 1.3090  level in the short term.

• The currency is trading at 1.3040 levels, the immediate support can be seen at 1.3006. A break below this level will expose the pair to next support level at 1.2980.

• Major resistance can be found at 1.3096 (23.6% Retracement level), a break above this level will expose it to the 1.30150 handle.

• Recommendation: Go long above 1.3010 with Targets at 1.3060, 1.3100 SL 1.2890.

Resistance Levels

R1: 1.3062 (38.2% Retracement level)

R2: 1.3096 (23.6% Retracement level)

 R3: 1.3152

Support Levels

S1: 1.3006(61.8% Retracement level of 1.2915 to 1.3152 )                              

S2: 1.2980           

S3: 1.2970