FxWirePro: USD/CAD Key Support at 1.2733, Favoring Further Upside

FxWirePro: USD/CAD Key Support at 1.2733, Favoring Further Upside

5 May 2016, 16:24
Roberto Jacobs
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FxWirePro: USD/CAD Key Support at 1.2733, Favoring Further Upside

  • The USD/CAD pair retreated back from 2-week high on Thursday after oil prices rebounded towards 45$ per barrel. However, in the early US session the pair rebounded after finding support level at 1.2782 levels. 
  • As long the pair trades above strong support zone located at 1.2733 levels, the ongoing bullish trend for the pair is set to continue. Therefore it is good to buy this pair on dips. 
  • The currency pair is trading around 1.2816 levels, it is expected to reach 1.2850 levels and 1.2880 levels in the short term. 
  • The immediate support can be seen at 1.3782, break below this level will expose the pair to next support level at 1.2733. 
  • Major resistance can be seen at 1.2832, break above this level will expose it towards 1.2868 and beyond. Resistance Levels R1: 1.2832 (38.2% Retracement level) R2: 1.2868 (Daily high) R3: 1.2900 (Psychological levels)  Support Levels S1: 1.2782 (50% Retracement level) S2: 1.2733 (61.8% Retracement level) S3: 1.2668 (May 3rd lows)


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