The USD/CAD pair is near significant support

After very optimistic data on Canada’s GDP  the  USD/CAD pair showed a significant decline, coming close to the support level of 1.2950 and being significantly oversold. At the same time, general upward trend in the pair remains, as is the optimism in the US dollar after the rate hikes in the US.

In conditions of maintaining the uptrend in the pair USD/CAD from the level of 1.2950-70, we should expect the formation of correction with further growth and the resumption of the uptrend. Levels of resistance and goals are located at the levels: 1.3000-20 and 1.3030-50. Support is located at the levels: 1.2930 and 1.2900, breaking through which will cancel expectations for the growth of the pair.

Read also: “Features of trading on crosses containing the Euro (EUR)”

Hanzenko Anton

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