FxWirePro: USD/CAD key resistance at 1.3000, upside prevails in the short term

 

• USD/CAD has slipped from yesterday's high and is all set to test 1.2960 levels shortly. 1.2960 levels has been strongly supportive and is set to defend against the bears.  The pair is expected to continue its bullish bias further, as long as it trades above 1.2960 levels.

• The currency pair is trading at 1.2968 levels, the immediate support can be seen at 1.2960 (July 29^th high), break below this level will expose the pair to next support level at 1.2937 (July 31^st Lows).

• Major resistance can be seen at 1.3000(61.8% Retracement level), break above this level will expose it to the 1.3042 (61.8% Retracement level).

Recommendation: Go long above 1.2960 with targets at 1.3000, 1.3042 SL 1.2900.

Resistance Levels

R1: 1.3000(61.8% Retracement level)

R2: 1.3042 (61.8% Retracement level)

R3: 1.3090 (July 31^st high)

Support Levels

S1: 1.2960 (July 29^th high)                                             

S2: 1.2937 (July 31^st Lows)            

S3: 1.2906 (July 28th Lows)