- USD/CAD corrected lower from fresh 11-year highs around 1.3460 hit overnight, momentum still remains positive
- The pair opened Noram markets 1.3399, -22 pips vs the previous close, day’s range 1.3429/3388
- The Canadian dollar is likely to remain under pressure in light of Canadian GDP figures and U.S. ADP data
- The pair is currently trading at 1.3401, and only a daily close below 1.3235 will shift the bias back to the downside
- Immediate resistance is seen at 1.3457 (2015 High Sep 29) ahead of 1.3470 (61.8% Fibo 1.6197-0.9059)
- Supports on the downside are seen at 1.3373 (Daily Low Sep 29) and further below at 1.3319 (Daily Low Sep 28)
Resistance Levels:R1: 1.3457 (2015 High Sep 29)R2: 1.3470 (61.8% Fibo 1.6197-0.9059)R3: 1.3500 (Psychological Level)Support Levels: S1: 1.3373 (Daily Low Sep 29)S2: 1.3319 (Daily Low Sep 28)S3: 1.3297 (Daily Low Sep 25)
The material has been provided by InstaForex Company – www.instaforex.com