FxWirePro: USD/CAD consolidating around 1.3158, bias is remains bullish
Friday, July 22, 2016 2:33 PM UTC
- The USD/CAD pair continued its rise on Friday, as the Canadian dollar weakened as the prices of oil declined further and stronger U.S. dollar added to further losses for the loonie.
- The greenback edged up against a basket of major currencies on Friday putting it on track for its fifth straight weekly gain as expectations of a rate increase from the Federal Reserve have come back into play.
- The pair remains strong, as the Canadian dollar is set to decline further against dollar in the short term.
- The currency pair is trading at 1.3140 levels, it is expected to reach 1.3200 levels and 1.3265 levels in the short term.
- The immediate support can be seen 1.3120 break below this level will expose the pair to next support level at 1.3050.
- Major resistance can be seen at 1.3190, break above this level will expose it towards 1.3265 levels.
Resistance Levels
R1: 1.3166 (Session high)
R2: 1.3190 (38.2% Retracement level)
R3: 1.3265 (23.6% Retracement level)
Support Levels
S1: 1.3120 (50% Retracement level)
S2: 1.3050 (61.8% Retracement level)
S3: 1.2975 (July 19th lows)