FxWirePro: USD/CAD approaches 1.3800 levels, more upside expected

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)