- USD/CAD surged from 1.2365 (June 30th high) to 1.2410 in the late Uk session , and is testing strong resistance level at 1.2495 (23.6% Retracement Level ).The pair is set to reach 1.2550 and 1.2600 psychological level in the short term, As the US dollar is broadly stronger against CAD in the short term.
- The currency is trading at 1.2483 level, the immediate support can be seen at 1.2390. A break below this level will expose the pair to next support level at 1.2304.
- Major resistance can be found at 1.2495 a break above this level will exposes it to the 1.2560 handle.
Recommendation: Go long above 1.2460 with Targets at 1.2520, 1.2570 SL 1.2330.
Resistance Levels
R1: 1.2495 (23.6% Retracement Level)
R2: 1.2560
R3: 1.2613
Support Levels
S1: 1.2390 (38.2% Retracement Level)
S2: 1.2304
S3: 1.2219(61.8% Retracement Level)
The material has been provided by InstaForex Company – www.instaforex.com