- Greenback lost ground vs. its Canadian counterpart early on Tuesday, pushing USD/CAD to day’s low by 1.2996
- Price action was however rejected at lows and USD/CAD retraced loses and is currently trading at 1.3018, with a high of 1.3042 and a low of 1.2996
- Immediate hurdle on the upside is seen at 1.3057 (high Jul 27) followed by 1.3103 (2015 High Jul 24)
- On the flip side, support is located at 1.2996 (Session Low Jul 28), and then at 1.2980 (Daily Low Jul 27), breach of which would take the pair to 1.2946 (low Jul 23)
- In NY session, Canadian PPI/RMPI, U.S. housing prices, Services PMI and Consumer Confidence will be the main drivers for the pair’s price action
Resistance Levels: R1: 1.3042 (Session High Jul 28)R2: 1.3050 (Daily High Jul 27)R3: 1.3103 (2015 High Jul 24)Support Levels:S1: 1.2996 (Session Low Jul 28)S2: 1.2980 (Daily Low Jul 27)S3: 1.2946 (Daily Low Jul 23)
The material has been provided by InstaForex Company – www.instaforex.com