FxWirePro: USD/CAD Loses Momentum But Outlook Is Bullish

FxWirePro: USD/CAD Loses Momentum But Outlook Is Bullish

10 May 2016, 17:16
Roberto Jacobs
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FxWirePro: USD/CAD Loses Momentum But Outlook Is Bullish

  • The USD/CAD pair retreated back slightly on Tuesday as oil prices rebounded towards 44$ per barrel as attention turned to when production will be brought back in line in Canada’s oil sands region. 
  • As long the pair trades above strong support zone located at 1.2821 levels, the ongoing bullish trend for the pair is set to continue in the short term. 
  • The currency pair is trading around 1.2951 levels, it is set to advance further towards 1.3040 and 1.3100 in the short term. 
  • To the upside, the strong resistance can be seen at 1.3025, a break above will take the pair towards next resistance level at 1.3080. 
  • To the downside immediate support can be seen at 1.2900 levels, a break below will open the door towards next level at 1.2821. Resistance Levels R1: 1.2985 (38.2% Retracement level) R2: 1.3025 (Daily high) R3: 1.3080 (23.6% Retracement level) Support Levels S1: 1.2900 (50% Retracement level) S2: 1.2821 (61.8% Retracement level) S3: 1.2782 (May 5th lows)


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