- USD/CAD has hit the resistance at 1.2397 and pulled back below and is set to reach the next support level at 1. at the 1.2345 level is set to hold and bring another rebound towards 1.2400 later.
- Today all eyes will be on Greece crisis, which has again taken central point in the market. The concerned parties failed to agree to any kind of solution on Wednesday. Euro group will be meeting third time at 7:00(EST) in Brussels ,Core PCE Price Index (MoM),Initial Jobless Claims, Personal Income (MoM) is due from the US market later in the day. Due to the following events the market is expected to be volatile, traders should trade this pair with caution.
- The currency is trading at 1.2378 level, the immediate support can be seen at 1.2345. A break below this level will expose the pair to next support level at 1.2317.
- Major resistance can be found at 1.2396 (38.2% Retracement level), a break above this level will expose it to the 1.2460 handle.
Recommendation: Go long above 1.2340 with Targets at 1.2400, 1.2430 SL 1.2230.
Resistance Levels
R1: 1.2396 (38.2% Retracement level)
R2: 1.2420 (June 24th high)
R3: 1.2460 (23.6% Retracement level)
Support Levels
S1:1.2345
S2: 1.2317
S3: 1.2293 (61.18 Retracement level)
