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2016.06.2813:41:00UTC+00Fxwirepro: Usd/cad Regains Upwards Momentum, Critical Resistance Lies Ahead

  • The USD/CAD pair regained upside on Tuesday as stronger dollar and lower oil prices weighted on risk-sensitive commodity currency.
     
  • The pair hit low at 1.2965 before rebounding sharply to trade around 1.3070 levels in the afternoon US session.
     
  • Currently, the currency pair is trading around 1.3070 levels, it is set to advance further towards 1.3150  and later towards 1.3200 levels in the short term.
     
  • The immediate support can be seen at 1.3026, break below this level will expose the pair to next support level at 1.2965.
     
  • Major resistance can be seen at 1.3143, break above this level will expose the pair towards 1.3224 levels.

    Resistance Levels

    R1: 1.3114 (38.2% Retracement level)

    R2: 1.3143 (June 3rd high)

    R3: 1.3224 (23.6% Retracement level)

    Support Levels

    S1: 1.3026 (50% Retracement level)        

    S2: 1.2965 (Daily lows)

    S3: 1.2936 (61.8% Retracement level)

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