Fxwirepro: Usd/cad Approaching Support Level at 1.2956, Upside Prevails in the Short Term

  • The currency is trading at 1.2968 levels, the immediate support can be seen at 1.2956 , break below this level will expose the pair to next support level at 1.2933 (61.8% Retracement level).
  • Major resistance can be seen at 1.3006 (23.6% Retracement level) , break above this level will expose it to the 1.3050 handle.

Recommendation: Go long above 1.2950 with Targets at 1.2980, 1.330 SL 1.2860.

Resistance Levels

R1: 1.2979 (38.2% Retracement level)

R2: 1.3006 (23.6% Retracement level)

 R3: 1.3051 (July 22nd high)

Support Levels

S1: 1.2956 (July 29th highs)                                           

S2: 1.2933 (61.8% Retracement level)    

S3: 1.2910 (July 28th lows)             

The material has been provided by InstaForex Company – www.instaforex.com

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