USD/CAD key resistance at 1.3190, bullish in the short term
USD/CAD has broken the 1.3150 barrier after buyers stepped in on dips around 1.3140. The pairs rally started to begin after US jobs numbers were released and was further supported by FOMC Member Stanley Fischer comments.
The pair continues to retain its bullish momentum, as the Canadian dollar is highly linked to oil prices, considering the falling oil prices Canadian dollar is generally weak against US dollar.
Technically in 4 hours chart the 55, 30 and 20 MA’s are pointing towards upside, meanwhile RSI is indicating upward trajectory around 60. Overall the indicators are depicting more bullish movement for this pair.
To the upside, the strong resistance can be seen at 1.3190, a break above this level would expose the pair towards 1.3240 levels.
To the downside immediate support can be seen at 1.3130, a break below at this level will open the door towards next level at 1.3030.
Support levels: 1.3130 1.3100 1. 1.3055
Resistance levels: 1.3190 1.3240 1.3280
Recommendation: Go long around 1.3120/1.3150, targets around 1.3220/1.3280, SL 1.3060
The pair continues to retain its bullish momentum, as the Canadian dollar is highly linked to oil prices, considering the falling oil prices Canadian dollar is generally weak against US dollar.
Technically in 4 hours chart the 55, 30 and 20 MA’s are pointing towards upside, meanwhile RSI is indicating upward trajectory around 60. Overall the indicators are depicting more bullish movement for this pair.
To the upside, the strong resistance can be seen at 1.3190, a break above this level would expose the pair towards 1.3240 levels.
To the downside immediate support can be seen at 1.3130, a break below at this level will open the door towards next level at 1.3030.
Support levels: 1.3130 1.3100 1. 1.3055
Resistance levels: 1.3190 1.3240 1.3280
Recommendation: Go long around 1.3120/1.3150, targets around 1.3220/1.3280, SL 1.3060