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FxWirePro: USD/CAD consolidating around 1.3158, bias is remains bullish

  • 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)
  • Market Data
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