FxWirePro: USD/CAD maintains bullish bias with focus on 1.3200 levels
13 September 2016, 01:55
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- USD/CAD has rose on Monday as rising risk aversion and lower oil prices
weighed on the risk-sensitive Canadian dollar.
- Oil fell after speculators delivered hefty cuts to their bullish bets last
week and U.S. crude drillers added more rigs for a tenth week running.
- Currently, the currency pair is trading at 1.3100 levels, it is set to
advance future towards 1.3150 and later 1.3200 levels in the short
term.
- To the upside, the strong resistance can be seen at 1.3172, a break above
will take the pair towards next resistance level at 1.3200.
- To the downside, immediate support can be seen at 1.3081 levels, a break
below will open the door towards next level at 1.3041.
Resistance Levels
R1: 1.3122 (38.2% Retracement level)
R2: 1.3172 (23.6% Retracement level)
R3: 1.3200 (Aug 5th high)
Support Levels
S1: 1.3081 (50% Retracement level)
S2: 1.3041 (61.8% Retracement level)
S3: 1.3000 (Psychological levels)
