FxWirePro: USD/CAD key resistance at 1.3020, bearish in the short term
Canadian dollar has conceded some gains against US dollar on Monday, as the pair has rebounded after hitting 38.2 fib retracement level at 1. intraday trend remains bearish for the pair as the oil co-related Canadian dol…
Canadian dollar has conceded some gains against US dollar on Monday, as the pair has rebounded after hitting 38.2 fib retracement level at 1. intraday trend remains bearish for the pair as the oil co-related Canadian dollar has shown strength against US dollar lately as the oil price has rebounded sharply in the recent past giving a much needed boost to Canadian dollar.
The currency pair is trading at 1.2952 levels, it is expected to reach 1.2900 levels and 1.2850 levels in the short term.
The immediate support can be seen at 1.2900, break below this level will expose the pair to next support level at 1.2864.
Major resistance can be seen at 1.3020, break above this level will expose it towards 1.3076 (Oct 8th high).
Recommendation: Go short below 1.2980 with targets at 1.2900, 1.2860 SL 1.3040.
