USD/CAD key support at 1.3730, bullish in the short term
USD/CAD slipped towards 1.3855 levels during the early European session, after the pair found resistance at 1.3959, before pulling back towards 1.3888 levels on falling oil prices. The pair continues to retain its bullis…
USD/CAD slipped towards 1.3855 levels during the early European session, after the pair found resistance at 1.3959, before pulling back towards 1.3888 levels on falling oil prices.
The pair continues to retain its bullish momentum, as the falling oil prices is set weigh on the Canadian dollar.
Technically in 1 hours chart the 55, 30 and 20 MA's slightly pointing towards upside, meanwhile strength index is turning up. Overall the indicators are depicting more bullish movement for this pair.
To the upside, the strong resistance can be seen at 1.3959, a break above this level would expose the pair towards 1.4036 levels.
To the downside immediate support can be seen at 1.3880, a break below at this level will open the door towards next level at 1.3730.
Recommendation: Go long around 1.3770, targets around 1.3900/1.4000, SL 1.3700
Support levels: S1-1.3880, S2- 1.3730, S3-1 1.3634
