FxWirePro: USD/CAD maintains bullish bias with focus on 1.3200 levels

13 September 2016, 01:55
Eko Rediantoro

  • 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)

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