- Canadian dollar declined against US dollar on Tuesday, as the loonie was weighted down on uncertainty about the global economic growth in the face of a slower China and signs of economic stress stemming from Britain's vote to leave the European Union.
- The intraday trend remains bullish for the pair as the Canadian dollar is set to come under pressure from strengthening dollar in the short term.
- The currency pair is trading at 1.2950 levels, it is expected to reach 1.3050 levels and later 1.3100 levels in the short term.
- The immediate support can be seen at 1.2915, break below this level will expose the pair to next support level at 1.2854.
- Major resistance can be seen at 1.3060 break above this level will expose it towards 1.3100 levels.
Resistance Levels
R1: 1.2980 (38.2% Retracement level)
R2: 1.3020 (June 30th high)
R3: 1.3060 (23.6% Retracement level)
Support Levels
S1: 1.2915 (50% Retracement level)
S2: 1.2854 (61.8% Retracement level)
S3: 1.2800 (Psychological levels)
The material has been provided by InstaForex Company – www.instaforex.com