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FxWirePro: USD/CAD approaches 1.3054 levels, more upside expected

  • Canadian dollar declined against US dollar on Friday, as the pair bounced higher after crude oil prices fell towards $48 per barrel, moving away from seven month high hit a day earlier.
     
  • The intraday trend remains bullish for the pair as the oil co-related Canadian dollar is weaker against US dollar ahead of Fed Janet Yellen speech.
     
  • The currency pair is trading at 1.3054 levels, it is expected to reach 1.3100 levels and later 1.3140 levels in the short term.
     
  • The immediate support can be seen at 1.3012, break below this level will expose the pair to next support level at 1.2966.
     
  • Major resistance can be seen at 1.3103, break above this level will expose it towards 1.3134 levels.

    Resistance Levels

    R1: 1.3057 (38.2% Retracement level)                    

    R2: 1.3103 (23.6% Retracement level)

    R3: 1.3134 (May 25th high)

    Support Levels

    S1: 1.3012 (38.2% Retracement level)    

    S2: 1.2966 (61.8% Retracement level)    

    S3: 1.2907 (Jan 13th lows)            
  • Market Data
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