FxWirePro: USD/CAD approaching support at 1.2715, buy deals are recommended above 1.2720

 

• USD/CAD is approaching to test support level at 1.2715, the support level at, 1.2715 is set to hold and push the pair further upside towards 1.2750 and 1.2800 level later.

• The currency is trading at 1.2732 levels, the immediate support can be seen at S1: 1.2715. A break below this level will expose the pair to next support level at 1.2682.

• Major resistance can be found at 1.2800 (July 14^th high), a break above this level will expose it to the 1.2830 handle.

Recommendation: Go long above 1.2715 with Targets at 1.2760, 1.2800 SL 1.2610.

Resistance Levels

R1: 1.2760 (23.8% Retracement level)

R2: 1.2800 (July 14^th high)

 R3: 1.2830

Support Levels

S1: 1.2716 (38.2% Retracement level)                                                    

S2: 1.2682           

S3: 1.2647(61.8% Retracement level)