FxWirePro: USD/CAD approaching support level at 1.2985, buy deals are recommended above 1.2960

 

 

• USD/CAD rebounded massively from 1.2960 levels to test resistance level at 1.3026 after US jobless claims and Canadian retail sales were released.  The pair is set advance towards 1.3050 and 1.3080 in the short term.

• The currency is trading at 1.2988 levels, the immediate support can be seen at 1.2985(61.8% Retracement level). A break below this level will expose the pair to next support level at 1.2980.

• Major resistance can be seen at 1.3096 1.3026 (38.2% Retracement level), a break above this level will expose it to the 1.3050 handle.

 

Recommendation: Go long above 1.2960 with Targets at 1.3000, 1.3040 SL 1.2890.

Resistance Levels

R1: 1.3026 (38.2% Retracement level)

R2: 1.3053 (23.6% Retracement level)

 R3: 1.3096

Support Levels

S1: 1.2985 (61.8% Retracement level)                    

S2: 1.2944 (July 23^rd lows)            

S3: 1.2915 (July 21^st lows)