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FxWirePro: USD/CAD approching to break resitance at 1.22351, strong rebound expected

  • The USD/CAD has  rebounded strongly from 1.21302 level and is approaching  the resistance level at 1.22351. The pair is trading at the level of 1.1404. 
  • Canada's core CPI (0830 GMT) is expected to show a firm 0.4% advance, supported by continued  stagnant meat prices and a  increase in prices for travel services, with the latter likely to be aided by past CAD depreciation, headline CPI is expected to post a sizeable 0.6% gain.
  • Major support is seen at 1.21661, a break below at this level will open the door to 1.20717

Recommendation: Go long above 1.22036 with Targets 1.22831, 1.23146 SL 1.21047

Resistance Levels
R1:1.22351 (23.6% Retracement level)

R2:1.22996 (38.2% Retracement level)

R3:1.23461 (50% Retracement level) 

Support Levels
S1:1.21661(61.8% Retracement level)

S2:1.21287

S3:1.20717 (76.4% Retracement level)

  • Market Data
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