FXWIREPRO:USD/CAD Stuck in Range But Maintains Bullish Bias

FXWIREPRO:USD/CAD Stuck in Range But Maintains Bullish Bias

22 March 2016, 19:46
Roberto Jacobs
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FXWIREPRO:USD/CAD Stuck in Range But Maintains Bullish Bias

  • USD/CAD slipped backwards to test support level at 1.3028 in the early US session. However, after failing to break support at 1.3028 levels the pair has rebounded to trade around 1.3051 levels. 
  • The pair remains in bullish territory unless until it trades above 1.2990 levels. 
  • The currency pair is trading at 1.3051 levels, it is expected to reach 1.3100 levels and 1.3150 levels in the short term. 
  • The immediate support can be seen at 1.3048, break below this level will expose the pair to next support level at 1.3028. 
  • Major resistance can be seen at 1.3082 (23.6% Retracement level), break above this level will expose it towards 1.3127 levels. Resistance Levels R1: 1.3082 (38.2% Retracement level) R2: 1.3127 (23.6% Retracement level) R3: 1.3138 (March 22nd high) Support Levels S1: 1.3048 (50% Retracement level) S2: 1.3028 (61.8% Retracement level) S3: 1.2987 (March 21st lows)


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