FxWirePro: USD/CAD approaching support at 1.2685, buy deals are recommended above 1.2685

 

• USD/CAD approaching support at 1.2685, support level at 1.2685 is set to hold and push the pair further upwards towards next resistance level at 1.2774 (July 7^th high). The pair is set to continue its bullish trend towards 1.2800 and 1.2850 later.

• The currency is trading at 1.2760 levels, the immediate support can be seen at 1.2685 level. A break below this level will expose the pair to next support level at 1.2653 (38.2% Retracement level).

• Major resistance can be found at 1.2830 ( March 8^th high), a break above this level will exposes it to the 1.2880 handle.

Recommendation: Go long above 1.2685 with Targets at 1.2780, 1.2830 SL 1.2650.

Resistance Levels

R1: 1.2774 (July 7^th high)

R2: 1.2810 (March 20^th high)

R3: 1.2830 (March 18^th high)

Support Levels

S1: 1.2685                                                           

S2: 1.2653 (38.2% Retracement level)    

S3: 1.2610