USD/CAD key support at 1.3280 bullish in the short term
USD/CAD slipped towards 1.3315 levels during the early US session, following negative current account index reading, before pulling back towards 1.3343 levels on falling oil prices. The pair continues to retain its bullish momentum, as the oil co-related Canadian dollar is set lose more ground against US dollar, due to broader dollar demand across the board.
Technically in 4 hours chart the 55, 30 and 20 MA’s are pointing towards upside, meanwhile strength index is turning up. Overall the indicators are depicting more bullish movement for this pair.
To the upside, the strong resistance can be seen at 1.3387, a break above this level would expose the pair towards 1. 1.3430 levels.
To the downside immediate support can be seen at 1.3315, a break below at this level will open the door towards next level at 1.3280.
Recommendation: Go long around 1.3280, targets around 1.3360/1.3400, SL 1.3200
Support levels: 1.3315 1.3280 1.3256
Resistance levels: 1.3340 1.3387 1. 1.3430
Technically in 4 hours chart the 55, 30 and 20 MA’s are pointing towards upside, meanwhile strength index is turning up. Overall the indicators are depicting more bullish movement for this pair.
To the upside, the strong resistance can be seen at 1.3387, a break above this level would expose the pair towards 1. 1.3430 levels.
To the downside immediate support can be seen at 1.3315, a break below at this level will open the door towards next level at 1.3280.
Recommendation: Go long around 1.3280, targets around 1.3360/1.3400, SL 1.3200
Support levels: 1.3315 1.3280 1.3256
Resistance levels: 1.3340 1.3387 1. 1.3430