FxWirePro: USD/CAD finds support at 1.2240, prefer buy deals above 1.2245

• USD/CAD hit the support level at 1.2240 and is bouncing above to reach the next resistance level at 1.2315.

• The currency is trading at 1.2256 level, the immediate support can be seen at 1.2240. A break below this level will expose the pair to next support level at 1.2210.

• Later in the day, In the US session, Existing Home Sales (May) figures are set be released at 10.00 GMT. Economists expect Existing Home Sales to be around 5.27 million and some volatility is expected.

• Major resistance can be found at 1.2315, a break above this level will exposes it to the 1.2400 handle.

Recommendation: Go long above 1.2245 with Targets 1.2315, 1.2350, SL 1.2190.

Resistance Levels

R1: 1.2283

R2: 1.2315(38.2% Retracement level 1.1918 to 1.2463)

R3: 1.2355

Support Levels

S1:1.2240                                                           

S2: 1.2210           

S3: 1.2164 (61.18 Retracement level)