FxWirePro: Buy USD/CAD above 1.2300, up trend to continue further

• The pair is moving upwards to test resistance level at 1.2341 and is bouncing above to reach resistance level soon. CAD is weak against the dollar in the short term due to dollar index rally around 95.45.

• Later in the day At  07:30 (EST), US Q1 GDP (Gross Domestic Product) and GDP Price Index (QoQ)  is set to released and at 12:00 (EST) Euro group meeting is scheduled. So traders should trade this pair with caution.

• The currency is trading at 1.2305 level, the immediate support can be seen at 1.2274. A break below this level will expose the pair to next support level at 1.2260.

• Major resistance can be found at 1.2400 a break above this level will exposes it to the 1.2440 and 1.2500 handle.

Recommendation: Go long above 1.2300 with Targets at 1.2360, 1.2380 SL 1.2200.

Resistance Levels

R1: 1.2341 (38.2% Retracement Level )

R2: 1.2360

R3: 1.2391(23.6% Retracement Level )

Support Levels

S1: 1.2274                                                           

S2: 1.2260 (61.18 Retracement level)                                      

S3: 1.2235