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FxWirePro: Buy USD/CAD above 1.2315

  • USD/CAD is showing a minor jump in European session after hitting low of 1.22788. The pair was mainly due to profit booking.  The pair forms temporary bottom at 1.22470 and is consolidating within narrow range. It is currently trading around 1.23061.
     
  • Market waits US non-farm payroll data for further direction. US economy is expected to add 181000 jobs for the month of Feb compared to previous 148000. Any better than expected data will halt the USD selling.
     
  • US crude has shown a minor decline after jumping till $66.27 level. It is currently trading around $65.82. It should break above $66.54 for further direction.
  • Technically, major short term support is around 1.2240 and any break below will drag the pair till 1.2200/1.2065.
  • On the higher side, near term major resistance is around 1.2315 (trend line resistance ) and any break above will take the pair to next level till 1.2400/1.2435. Minor bullishness only above 1.2600.

It is good to buy above 1.2315 with SL around 1.2270 for the TP of 1.2400/1.2435

Resistance
 

R1- 1.2315
 

R2 -1.2380
 

R3-1.2435
 

Support               
 

S1-1.2240
 

S2-1.2200
 

S3- 1.2165

 

 

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