FX.co ★ USD/CAD: Bullish bias above 1.0255

Overview:
USD/CAD is trading in higher range. The rate is underpinned by increased risk aversion; weaker commodity and oil prices (Nymex crude settled down $1.05 Thursday at $92.45/bbl); positive USD sentiment. But CAD sentiment is boosted by stronger-than-expected 1.0% monthly rise in Canada's January retail sales (vs. +0.9% forecast). USD/CAD gains also tempered by CAD demand on soft EUR/CAD cross; positions adjustment before weekend. Daily chart is mixed as MACD is bearish, but stochastics is in bullish mode.
Recommendation:
Buy above 1.0255 with upside targets at 1.0265 and 1.0295.
Resistance levels:
R1 - 1.0275 (Thursday's high)
R2 - 1.0295 (March 13 high)
R3 - 1.0314 (March 8 high)
Alternative scenario:
Sell below 1.0255 with upside targets at 1.0225 and 1.0195.
Support levels:
S1 - 1.0215
S2 - 1.0197 (Thursday's low)
S3 - 1.0178 (March 15 low)