- The USD/CAD pair regained upside on Tuesday as stronger dollar and lower oil prices weighted on risk-sensitive commodity currency.
- The pair hit low at 1.2965 before rebounding sharply to trade around 1.3070 levels in the afternoon US session.
- Currently, the currency pair is trading around 1.3070 levels, it is set to advance further towards 1.3150 and later towards 1.3200 levels in the short term.
- The immediate support can be seen at 1.3026, break below this level will expose the pair to next support level at 1.2965.
- Major resistance can be seen at 1.3143, break above this level will expose the pair towards 1.3224 levels.
Resistance Levels
R1: 1.3114 (38.2% Retracement level)
R2: 1.3143 (June 3rd high)
R3: 1.3224 (23.6% Retracement level)
Support Levels
S1: 1.3026 (50% Retracement level)
S2: 1.2965 (Daily lows)
S3: 1.2936 (61.8% Retracement level)
The material has been provided by InstaForex Company – www.instaforex.com