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FxWirePro: USD/CAD runs out of steam but, upside bias remains

  • Canadian dollar firmed against broadly stronger dollar on Tuesday as higher oil prices helped Canadian dollar reduce some losses against green back.
     
  • However, the ongoing bullish trend is set to continue for this pair as the support level at 1.3036 is likely to act as strong barrier to the bears and bring a rebound towards higher levels.
     
  • Currently the currency pair is trading at 1.3155 levels, it is set to advance future towards 1.3200 and later 1.3250 levels in the short term.
     
  • To the upside, the strong resistance can be seen at 1.3192, a break above will take the pair towards next resistance level at 1.3221.
     
  • To the downside immediate support can be seen at 1.3114 levels, a break below will open the door towards next level at 1.3083.

    Resistance Levels

    R1: 1.3192 (38.2% Retracement level)

    R2: 1.3221 (April 5th high)

    R3: 1.3288 (23.6% Retracement level)

    Support Levels

    S1: 1.3114 (50% Retracement level)

    S2: 1.3083 (Daily lows)

    S3: 1.3036 (61.8% Retracement level)

 

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