Current trend

As soon as the pair failed to break a support level at 1.2400 last week, it started growth that has continued this week to a level of 1.2775. Yesterday, after statistics for Canada's GDP proved to be better than previous values and forecasts, the pair corrected to a level of 1.2660. Today, it has attempted to break a level of 1.2640 coinciding with 61.8% Fibonacci retracement.

US manufacturing index is worth attention today. The outlook is negative, though.  Traders will be conducted in a narrow range on Friday due to bank holidays in Canada. Bulls will try to keep current growth rates, get back to the level 1.2275 and move further.

Support and resistance

The resistance levels are 1.2730, 1.2755, 1.2775, and 1.2800. The bulls' key target is at 1.2775. The support levels are 1.2700, 1.2670, and 1.2630.

Trading tips

Long positions should be opened from the level at 1.2670 and above 1.2730 with targets at 1.2800. Sell below 1.2630 with Take profit at 1.2500. 

USD/CAD: analysis and forecast

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