Fxwirepro: Usd/cad Trades Well Above 1.3000 Level, Good to Buy at Dips

  • USD/CAD has recovered after making a intraday low of 1.29928 in Asian session.  Short term trend is still bullish as long as support 1.2960 holds.
  • Loonie is expected to trade higher as Canadian monthly GDP data for May which is to be released today is expected  to show no growth.
  • On the downside any break below 1.2960 will target 1.2915/1.2900/1.2855.
  • Overall bullish invalidation only below 1.2840.
  • The pair’s resistance is around 1.3050 and break above would extend gains till 1.3100/1.3233.

It is good to buy at dips around 1.3000 with SL around 1.2960 for the TP of 1.3100/1.3233

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

Tags: