Canadian dollar has conceded some gains against US dollar on Fridat, as the pair bounced higher after crude oil inventories data on Thursday showed a rise in weekly U.S crude inventories fueling more bearish sentiment about the deepening oil supply glut.
- The intraday trend remains bullish for the pair as the oil co-related Canadian dollar has shown weakness against US dollar lately as the oil prices once again slipped towards $ 33.26 a barrel.
- The currency pair is trading at 1.3825 levels, it is expected to reach 1.3900 levels and later 1.3950 levels in the short term.
- The immediate support can be seen at 1.3790, break below this level will expose the pair to next support level at 1.3875.
- Major resistance can be seen at 1.3833, break above this level will expose it towards 1.3750 levels.
Recommendation: Go long around 1.3780 with targets at 1.3850, 1.3900 SL 1.3700.
Resistance Levels
R1: 1.3833 (50% Retracement level)
R2: 1.3875 (38.2% Retracement level)
R3: 1.3930 (23.6% Retracement level)
Support Levels
S1: 1.3790 (50% Retracement level)
S2: 1.3750 (Feb 16th lows)
S3: 1.3700 (Psychological levels)
