USD/CAD trades well above 1.3000 level, good to buy at dips
USD/CAD has recovered after making a intraday low of 1.29928 in Asian session. Short term trend is still bullish as long as support 1.2960 holds.
Loonie is expected to trade higher as Canadian monthly GDP data for May which is to be released today is expected to show no growth.
On the downside any break below 1.2960 will target 1.2915/1.2900/1.2855.
Overall bullish invalidation only below 1.2840.
The pair’s resistance is around 1.3050 and break above would extend gains till 1.3100/1.3233.
It is good to buy at dips around 1.3000 with SL around 1.2960 for the TP of 1.3100/1.3233
Loonie is expected to trade higher as Canadian monthly GDP data for May which is to be released today is expected to show no growth.
On the downside any break below 1.2960 will target 1.2915/1.2900/1.2855.
Overall bullish invalidation only below 1.2840.
The pair’s resistance is around 1.3050 and break above would extend gains till 1.3100/1.3233.
It is good to buy at dips around 1.3000 with SL around 1.2960 for the TP of 1.3100/1.3233