FxWirePro: USD/CAD approaching support level at 1.2956, upside prevails in the short term

 

• USD/CAD is approaching support level at 1.2956, the support level at, 1.2933 (61.8% Retracement level) is set to hold the bears and push the pair further upside towards 1.2980 and 1.3030  levels in the short term.

• The currency is trading at 1.2968 levels, the immediate support can be seen at 1.2956 , break below this level will expose the pair to next support level at 1.2933 (61.8% Retracement level).

• Major resistance can be seen at 1.3006 (23.6% Retracement level) , break above this level will expose it to the 1.3050 handle.

Recommendation: Go long above 1.2950 with Targets at 1.2980, 1.330 SL 1.2860.

Resistance Levels

R1: 1.2979 (38.2% Retracement level)

R2: 1.3006 (23.6% Retracement level)

 R3: 1.3051 (July 22^nd high)

Support Levels

S1: 1.2956 (July 29^th highs)                                           

S2: 1.2933 (61.8% Retracement level)    

S3: 1.2910 (July 28^th lows)