FxWirePro: USD/CAD key support at 1.3270, buy deals are recommended around 1.3310
USD/CAD pair initially surged towards 1.3400 levels after the release of ADP employment figures from the US market. However, USD/CAD pair immediately gathered bearish momentum to hit low around 1.3306 levels after Bank o…
USD/CAD pair initially surged towards 1.3400 levels after the release of ADP employment figures from the US market. However, USD/CAD pair immediately gathered bearish momentum to hit low around 1.3306 levels after Bank of Canada left its interest rate unchanged at 0.50 %.
The pair continues to remain in bullish territory unless until it trades above 1.3300 levels, therefore, it's good to buy this pair on dips.
The currency pair is trading at 1.3347 levels, it is expected to reach 1.3400 levels and 1.3450 levels in the short term.
The immediate support can be seen at 1.3301, break below this level will expose the pair to next support level at 1.3270.
Major resistance can be seen at 1.3361, break above this level will expose it towards 1.3406 levels.
Recommendation: Go long around 1.3310 with targets at 1.3360, 1.3430 SL 1.3240.
